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The inflationary boom, 1929 crash and Hoover's response to the crisis
Murray Newton Rothbard is an American political philosopher, economist, representative of the Austrian school of economic theory and historian whose writings and personal influence played a major role in the development of modern libertarianism.
The book is devoted to the analysis of the causes of the worst economic disaster in the history of the United States. First, the author briefly outlines the theory of the economic cycle, with the help of which he will analyze historical events (and also criticizes some alternative theories). The second part is devoted to the inflationary boom of 1921-1929, during which the ground was prepared for the stock crash of 1929. And finally, in the third part, the author describes the economic policy pursued by US President Herbert Hoover after the crisis. It was the measures of "struggle" with the crisis that turned the short-term economic downturn, inevitable after any artificial boom, into a deep depression with stagnant mass unemployment.
