Source: Cobden Centre
by Dr. Richard M Ebeling
“When the English-language edition of Ludwig von Mises’s The Theory of Money and Credit was published 90 years ago, in 1934, the world was in the midst of the Great Depression. The American stock market crash in October 1929 soon snowballed into a severe economic downtown in 1930 and 1931 that reached its lowest point in terms of rising unemployment and falling industrial and agricultural output in 1932 and early 1933. In Europe, the economic conditions were no better. … Why was the severity and depth of this economic depression the most serious in virtually anyone’s living memory? In Mises’s view, it was due to the degree to which governments almost everywhere were introducing policies that hindered and prevented the market economy from readjusting and rebalancing following what had turned out to be the false prosperity of the 1920s.” (06/13/24)