The Forgotten Depression 1921: The Crash That Cured Itself

James Grant tells the story of America's last governmentally untreated depression. Relatively brief and self-correcting, it gave way to the Roaring Twenties. His book, published in 2014, appears in the fifth year of a lackluster recovery from an overmedicated downturn. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. Hardcover.