Commenter TravisV kindly referred me to a review article by David Frum in the current issue of the Atlantic Monthly of The Delugeby Adam Tooze, an economic history of the First World War, its aftermath, and the rise of America as the first global superpower since the Roman Empire. Frum draws an interesting contrast between Tooze’s understanding of the 1920-21 depression and the analysis of that episode presented in James Grant’s recent paean to the Greatest Depression.
But in thinking about Frum’s article, and especially his comments on Grant, I realized that my own discussion of the 1920-21 depression was not fully satisfactory, and so I have been puzzling for a couple of weeks about my own explanation for the good depression of 1920-21. What follows is a progress report on my thinking.
Here is what Frum says about Grant:
Periodically, attempts have been made to rehabilitate the American…
View original post 3,062 more words
Utopia, you are standing in it! 
Recent Comments