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Economic Contractions in the United States: A Failure o Government

By Charles K. Rowley* and Nathanael Smith**

*Duncan Black Proessor o EconomicsGeorge Mason University andGeneral DirectorThe Locke Institutecrowley@gmu.edu**Research Assistant in EconomicsGeorge Mason University andSenior Research FellowThe Locke Institutenathan_smith@ksg03.harvard.edu

First published in the United States in 2009 by The Locke Institute5188 Dungannon RoadFairax, Virginia 22030 www.thelockeinstitute.orgIn association with the Institute o Economic AairsThe mission o The Locke Institute is to promote the principles o limitedgovernment, individual liberty, private property, and the rule o law.The mission o the Institute o Economic Aairs is to improve publicunderstanding o the undamental institutions o a ree society, by analyzing andexpounding the role o markets in solving economic and social problems.Copyright © The Locke Institute 2009 All rights reserved. Without limiting the rights under copyright reservedabove, no part o this publication may be reproduced, stored, or introducedinto a retrieval system, or transmitted, in any orm or by any means (electronic,mechanical, photocopying, recording or otherwise) without the prior writtenpermission o both the copyright owner and the publisher o this book.ISBN 978-0-255-36642-7Printed and bound in the United States by Fairax PrintingE-mail: printers@cox.net

iii

CONTENTS

Figures .........................................................................................................

Acknowledgements ....................................................................................

vii

Preface for The Institute of Economic Affairs .....................................

viii

The Authors ................................................................................................

Dedication .................................................................................................

xiii

Frontispiece by James M. Buchanan ........................................................

xiv

Foreword by William F. Shughart II ........................................................

The Setting

................................................................................................xix

Chapter 1:

Introduction

..........................................................................1

Chapter 2:

The Great Depression and Its Atershocks, 1929 – 1939:An Analytical History

...........................................................72.1. Monetary policy: rst easy money, then defation 92.2. Ben Bernanke and the “nancial accelerator” 122.3. Taxes and spending: was scal responsibility a vice? 132.4. Microeconomic policies 152.5. FDR’s assault on the Constitution andthe rule o law 162.6. Pessimistic expectations: a case o sel-ullling prophecy 182.7. Conclusion: a ailure o government 19

Chapter 3:

George W. Keynes and Franklin Delano Obama:The 2007-8 Financial Crisis and Economic Collapse:Causes and Consequences

..................................................23 3.1. The great 1990s boom and its atermath 243.2. Fiscal and monetary policy in the Bush era were highly expansionary (Keynesian) 26

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Figure 4: Monetary aggregates, 1960-2008 for Economic Contractions in the United States: A Failure of Government

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This monograph provides a detailed explanation how the Great Depression and the current financial crisis and economic contraction in the United States were both... (More)

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Category:	Books - Non-fiction
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Upload Date:	09/09/2009
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Tags:	Economics recession 2009 charles k. rowley Economics recession 2009 charles k. rowley (fewer)