This paper reviews a collection of essays by Charles Kindleberger. After a quick overview of the contents of the volume, the paper criticizes the position advanced by Kindleberger that monetary policy should seek to counteract asset price inflation. The review also discusses critically...

The first monetary theory of the Great Depression is often credited to Milton Friedman. Advanced to counter the idea that the Great Depression resulted from inherent capitalistic instabilities, Friedman's theory attributed the Depression to policy mistakes by an inept Federal Reserve Board. More...

This chapter compares alternative explanations of the Great Depression: the Monetarist explanation of (Friedman and Schwartz,.A Monetary History of the United States, 1867-1960, Princeton University Press, 1963), the Austrian explanation of Hayek and (Robbins,.The Great Depression, Macmillan,...