90th anniversary of the Depression: The unrivaled complete overview
A classic that has much to tell us about the past, as well as quite a bit about the present.
The US Stock Market crash of 1929 was the result of a typical speculation bubble. However, in this special situation, the crash catalyzed a downward spiral in other economic sectors and in numerous countries. It was followed by bank crises, a reduction in demand, unemployment, and protectionist tariff policies. The US used protectionism as an escape route, and and the country functioned according to the motto, “Ruin your neighbors the way you yourself have been ruined.”
According to Charles Kindleberger, this catastrophe could have been averted. The national economist and economic historian was one of the architects of the Marshall Plan. He was not only knowledgeable about how a national economy functioned in theory - he knew its realities. His brilliant intellect and practical experiences shape this classic work, which has as much to tell us about our own day and age as it does about the past.