The Great Depression, like the Great Recession of 2008-2009, has been incorrectly framed as the result of a failure of our banking and investment institutions. This narrow focus on our financial institutions as the key causes of this type of crisis, while ignoring the rest of the economy, has dominated the discussion and our understanding of these events for close to a century. Yet we still have no clear explanation for the slow economic and employment growth that followed each of these two crises, or for the reasons behind the formation of the massive asset bubbles that preceded them and that seem to fly in the face of our belief in rational, efficient financial markets. Like major storms and other weather events, these economic convulsions have understandable underlying causes. This book provides a broader framework in which to understand these fundamental forces and how they shaped the events of the Great Depression and our recent Recession. These two global economic storms were...

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