The Forgotten Depression

James Grant's audiobook explores the economic downturn of 1920-1921, a period marked by minimal government intervention as Woodrow Wilson and Warren G. Harding faced a significant recession. With rising prices, wages, and unemployment, their administration opted for budget balancing and increased interest rates rather than stimulus measures. Despite this seemingly counterintuitive approach leading to a robust recovery by late 1921, the economy would later decline again by 1929, influenced by the contrasting strategies of the Hoover administration. This engaging narrative presents complex economic concepts in an accessible manner, blending historical events with insightful anecdotes.