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The Great Contraction, 1929-1933

New Edition
in: Economics
Summary:

The book presents a detailed analysis of the causes and consequences of the Great Depression, focusing on the role of monetary policy mistakes made by the Federal Reserve. It argues that these errors led to a severe contraction of the money supply, exacerbating the economic downturn and turning what could have been a mild recession into a prolonged depression.

Key points:

1. Monetary Contraction: Friedman and Schwartz blame the Great Depression mainly on the Federal Reserve shrinking the money supply too much, causing bank failures and worsening the economy.

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