A Monetary History Of The United States, 1867-1960 (Ad-Free)

Before this book, the prevailing Keynesian consensus held that monetary policy was largely ineffective, especially during deep downturns. Friedman and Schwartz challenged this by demonstrating that:

Populist efforts for bimetallism and the deflationary pressures of the late 19th century. A Monetary History of the United States, 1867-1960

They utilized a "narrative approach," analyzing nearly a century of historical data to show that changes in money often preceded changes in economic activity, rather than just reacting to them. "The Great Contraction": A New History of the Depression Before this book, the prevailing Keynesian consensus held

The authors argued that the Depression was not a "market failure" but a "government failure." They blamed the Federal Reserve for allowing the money supply to shrink by one-third between 1929 and 1933. "The Great Contraction": A New History of the

The transition from private clearinghouses to a centralized monetary authority.