The Locker Room

Re: Before he writes another book

Posted by George Leef at 07:34 AM

The country is still ringing with the sort of nonsense Alter has been writing about the economic crises of the 1930s and now -- that the problems were caused by too much capitalism and not enough government regulation. For instance, in a recent piece in The Chronicle Review (February 13 --subscriber site) history professor Christopher Phelps writes, "The riot of capitalist irresponsibility has shattered the fantasy that the free market, left to its own devices, will produce rationality and prosperity."

Nothing could possibly be more wrong.

To help people understand the Great Depression, David Gordon has published this piece, a bibliography of works on the Great Depression and New Deal. The books Gordon mentions refute the standard, pro-interventionist contentions that the Great Depression was the fault of laissez-faire and that government "stimulus" was necessary to restart the economy.

That famous Santayana line -- "those who do not learn from history are condemned to repeat it" -- is particularly apt right now. Because few Americans have learned the history of the Depression, but rather have been taught falsehoods that serve the interests of politicians and their special interest group allies, we're in great danger of repeating the disastrous economic blunders of the 1930s.

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