Gene Smiley
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By: Ivan R. Dee, Publisher
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Customer Reviews:
Total reviews: 9
Average rating: 4.5 of 5
new look at country's worst crisis 5 out of 5 stars.
35 of 38 people found this review helpful.
Based on new theories, Smiley has re-examined and re-assessed the forces that led to and prolonged the Great Depression. In clear non-technical prose, he shows what happened and why.This short book (163 pages plus sources and index) is divided into five chapters. Chapter 1 gives a brief overview of how the worldwide depression began and how it created a domino effect throughout Europe and the U.S. Nothing new here-- in fact, this is basic stuff any high schooler should know.
Chapter 2 is a more detailed examination of the economic crisis and the forces which led to it. Smiley explains the situation in basic terms that anyone can understand, allowing us to see the tragedy unfolding step by step.
Chapters 3 and 4 show how President Roosevelt (who had little knowledge or experience of economics) attempted to pull the country out of this deep economic slump. Though some programs were successful, some were not, and only serve to create a depression within a depression in the mid-30s.
Chapter 5 examines the legacy of the governmental response, and how economic policies initiated during this period has affected this country for decades afterward, and how certain government programs still exist long after their usefulness has passed. An examination of post-war analysis shows how Keynesian economic theory and government studies have misinterpreted the factors which brought this country back to recovery. He also examines the question of whether such an event can happen again, concluding that-- based on subsequent economic downturns-- it probably won't, though it can happen again should future leaders ignore the warning signs and lessons of the past.
A fascinating and rewarding book, even for those who have little or no knowledge of economics.
Editorial Review:
Drawing upon recent economic scholarship to present a clear and nontechnical analysis, Mr. Smiley offers new insights and some surprising conclusions about the causes of the Great Depression, the consequences of the New Deal, and the economic effects of World War II. An accessible survey...challenges the popular belief that the Great Depression demonstrates the instability of markets and the need for goevernment oversight and direction. --Journal of Economic Literature. A widely accessible and clearly written summary of the main causes of the Great Depression and its legacy for economic policy. --David C. Wheelock, EH.Net