The Great Contraction, 1929-1933

In "A Monetary History of the United States, 1867-1960," Milton Friedman and Anna Schwartz present a comprehensive analysis of monetary policy and its critical role in managing the economy, particularly during economic downturns. The book meticulously examines the Great Depression, arguing that the Federal Reserve's failures exacerbated the crisis. This edition features a new preface by Schwartz, an introduction by economist Peter Bernstein, and insights from Federal Reserve chairman Ben Bernanke, highlighting the lasting impact of this seminal work on economic thought and practice.