Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.

The Republican efficiency expert whose economic boosterism met its match in the Great Depression Catapulted into national politics by his heroic campaigns to feed Europe during and after World War I, Herbert Hoover—an engineer by training—exemplified the economic optimism of the 1920s. As president, however, Hoover was sorely tested by America's first crisis of the twentieth century: the Great Depression. Renowned New Deal historian William E. Leuchtenburg demonstrates how Hoover was blinkered by his distrust of government and his belief that volunteerism would solve all social ills. As Leuchtenburg shows, Hoover's attempts to enlist the aid of private- sector leaders did little to mitigate the Depression, and he was routed from office by Franklin D. Roosevelt in 1932. From his retirement at Stanford University, Hoover remained a vocal critic of the New Deal and big government until the end of his long life. Leuchtenburg offers a frank, thoughtful portrait of this lifelong public servant, and shrewdly assesses Hoover's policies and legacy in the face of one of the darkest periods of American history.

American's years of hardship from the stock market crash to the new deal.

To many rural Iowans, the stock market crash on New York’s Wall Street in October 1929 seemed an event far removed from their lives, even though the effects of the crash became all too real throughout the state. From 1929 to 1933, the enthusiastic faith that most Iowans had in Iowan President Herbert Hoover was transformed into bitter disappointment with the federal government. As a result, Iowans directly questioned their leadership at the state, county, and community levels with a renewed spirit to salvage family farms, demonstrating the uniqueness of Iowa’s rural life. Beginning with an overview of the state during 1929, Lisa L. Ossian describes Iowa’s particular rural dilemmas, evoking, through anecdotes and examples, the economic, nutritional, familial, cultural, industrial, criminal, legal, and political challenges that engaged the people of the state. The following chapters analyze life during the early Depression: new prescriptions for children’s health, creative housekeeping to stretch resources, the use of farm “playlets” to communicate new information creatively and memorably, the demise of the soft coal mining industry, increased violence within the landscape, and the movement to end Prohibition. The challenges faced in the early Great Depression years between 1929 and 1933 encouraged resourcefulness rather than passivity, creativity rather than resignation, and community rather than hopelessness. Of particular interest is the role of women within the rural landscape, as much of the increased daily work fell to farm women during this time. While the women addressed this work simply as “making do,” Ossian shows that their resourcefulness entailed complex planning essential for families’ emotional and physical health. Ossian’s epilogue takes readers into the Iowa of today, dominated by industrial agriculture, and asks the reader to consider if this model that stemmed from Depression-era innovation is sustainable. Her rich rural history not only helps readers understand the particular forces at work that shaped the social and physical landscape of the past but also traces how these landscapes have continued in various forms for almost eighty years into this century.