The crash of 1929 came after a decade of interventionist politics following world War I. "Free markets" were blamed anyway. Decades later, we pursue even more interventionism, and when it fails, we blame "free markets" all over again.
In 1925, Winston Churchill, in spite of massive wartime inflation of the pound sterling, restored the gold standard at the old pre-war exchange rate. This set off a chain of events that led to the 1929 crash in America, and the rise of Keynesianism.
Recorded at the Mises Institute in Auburn, Alabama, on 23 July 2015.
Recorded at the Mises Institute in Auburn, Alabama, on 21 July 2015.
Jeff Deist and Jim Ostrowski discuss how progressives managed to capture the 20th century.
Boyes shares the perspective on someone who was once a Keynesian in mainstream academia, but who is now a dedicated Austrian.
