The Great Depression: An Inquiry into the Causes, Course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, As Seen by Contempor

Inquiring into the worldwide depression of the 1930s and examining its sources and implications, this study focuses on the collapse of the world economy

Unable to foresee, prevent, appraise correctly or reverse plunging property values, soaring unemployment and stagnant business conditions of the Great Depression, economists have been trying to sort it all out ever since. A definitive study is attempted here, tracing 20th century social, industrial, financial and political forces. Garraty, Columbia University historian, distills contemporary writings of the 1930s, and in a facile and informative, if less than stirring, narrative he analyzes the interrelated passage of various nations through deflation, inflation, farm price collapse, unemployment, factory closings, relief programs and public works. He decries failure of vitally needed international cooperation and pervasive official fear of national deficits. Surprises in retrospect: Hitler and Roosevelt in their early recovery plans had much in common and Britain actually did achieve recovery in the 1930s, though it went unnoticed. Garraty's opus is thoughtful and well organized but something of the Depression's sui generis mystery remains.
Copyright 1986 Reed Business Information, Inc.

Garraty succeeds marvelously in doing what few recent writers on the Depression have even attempted: treating the economic crisis of the Thirties as a worldwide event. With this approach, he brings genuinely new insight to the topic. By examining how major Western nations suffered through and reacted to the Depression, he broadens our knowledge of the world in that era. Moreover, the effective comparison and contrast with the United States helps us understand our own experience better. Garraty successfully conveys both the human elements and policy issues. While one wishes he had included more on the impact of the Depression on the non-Western and underdeveloped world, that is a minor point, for overall this is a superb, readable book. Charles K. Piehl, Director of Grants Management, Mankato State Univ., Minn.
Copyright 1986 Reed Business Information, Inc.