Introduction / Ronald Dore and Radha Sinha -- Memoirs of Japan, 1925-30 / E.F. Penrose -- Depression and protection / Michael French and Thomas Wilson -- Japan and two world economic depressions / Martin Bronfenbrenner -- The Japanese economy in the interwar period / Takafusa Nakamura --...

"Monetary Policy and the Onset of the Great Depression" challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new...

"Most measures of the American economy over the past two centuries or so produce a jagged sine wave--"irrationally exuberant" highs leading to painful lows. Bubbles lead to panics, over and over again. Payne has written a short book on the 1920s to demonstrate to undergraduates how this pattern...