Great Contraction
The Great Contraction, as characterized by economist
monetarist Anna Schwartz. The chapter was later published as a stand-alone book titled The Great Contraction, 1929–1933 in 1965.[1] Both books are still in print from Princeton University Press, and some editions include as an appendix a speech honoring Friedman in which Federal Reserve Governor Ben Bernanke
made this statement:
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again.[2][1]
— Ben S. Bernanke
Friedman and Schwartz argued that the
Fed chairmen Roy A. Young and Eugene Meyer
.
The Great Contraction is not to be confused with the
Franklin D. Roosevelt administration
.
See also
References
- ^ ISBN 978-0691137940.
- Ben S. Bernanke (Nov. 8, 2002), Federal Reserve Board Speech: "Remarks by Governor Ben S. Bernanke", Conference to Honor Milton Friedman, University of Chicago
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