Rethinking the Great Depression

(Paperback)

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The worldwide Great Depression of the 1930s was the most traumatic event of the twentieth century. It ushered in substantial expansions in the role of governments around the world, focused attention on social insurance, and for a time bolstered socialist economic ideas as a form of cure. Skepticism about the effectiveness of government withered as the free market failed, and it seems safe to say that Keynesian economics would not have flourished if the depression had not occurred. While this severe contraction has been extensively examined, we are just nowthanks to increasingly sophisticated analytical techniquesbeginning to comprehend its causes and the reasons for the extremely slow recovery that occurred in the United States. Much of this analysis, though, remains in specialized studies that are visited mainly by economists and economic historians. In Rethinking the Great Depression, Gene Smiley draws upon this recent scholarship to present a clear and nontechnical analysis for the general reader. He explains the roots of the depression in the 1920s, the efforts of the New Deal to combat the economic crisis, and the legacy of these efforts in World War II and the postwar years. He offers new insights and some surprising conclusions: that the causes of the Great Depression lay in the dislocations caused by World War I and the attempt to reconstitute an international gold standard in the 1920s; that the New Deal, regardless of its good intentions, adopted misguided fiscal and monetary policies that prolonged the depression in the United States beyond what it should have been; that World War II, rather than stimulating an end to the depression, actually postponed a full recovery until 1946.

Reviews

A remarkable achievement . . . Smiley has succeeded in presenting a brief, fact-rich account . . . in clear, nontechnical prose. -- Robert Higgs, editor, Independent Review
An insightful, well-written survey . . . the author weaves an engaging narrative . . . impressive and accessible. . . . Recommended. * Library Journal *
Gene Smiley's explanation of the Great Depression benefits from his expertise in banking and the international gold standard. -- Larry Schweikart, University of Dayton
Short in length but long on insight . . . a masterful account. . . . It will be required reading. -- Richard Vedder, Shakers.Info
A serious second look at the New Deal that historians will ignore at their peril. -- Alonzo L. Hamby
A brief and provocative account. . . . Smiley knows the current literature well, and makes good use of it in his analysis. * Virginia Quarterly Review *
This is a careful, systematic review of literature on the Great Depression, not a once over treatment. . . . The book is well written, strives for comprehensiveness and balance. * The Journal Of Economic History *
Economist Smiley . . . has produced . . . a slim and readable volume . . . in language that should be clear and understandable to students. * Choice Reviews *
Incorporates the findings of recent scholarship into an accessible survey of the economic events of the 1930s. * Journal of Economic Literature *
Economic historian Gene Smiley has performed a valuable service for all readers, academic and general. . . . A concise description of the economic influences and course of the Great Depression. * Liberty Press *
The author writes in a clear, engaging, and jargon-free style and does a good job of outlining the key events of the period for nonspecialists. Provides a handy introduction to the Great Depression. * The Historian *
An engaging, balanced, and perceptive short book. . . . Smiley brilliantly describes this tragedy and its long-term consequences. * Claremont Review of Books *
A book of equal value both to laypersons and to professional economists. . . . Well written. -- Jim F. Couch * Public Choice *
A slender but engaging volume, one approachable by the nonspecialist. * Business History Review *

Author Bio

Gene Smiley is professor of economics at Marquette University and a specialist in economic theory and American economic history. He has also written The American Economy in the Twentieth Century. He lives in Waukesha, Wisconsin.