The inflationary impact of wartime financing and the eventual revival of independent monetary policy in the 1950s. Intellectual Legacy
The authors argued that the Depression was not a "market failure" but a "government failure." They blamed the Federal Reserve for allowing the money supply to shrink by one-third between 1929 and 1933. A Monetary History of the United States, 1867-1960
Populist efforts for bimetallism and the deflationary pressures of the late 19th century. The inflationary impact of wartime financing and the
Published in 1963, by Milton Friedman and Anna J. Schwartz is considered one of the most influential economics books of the 20th century. It fundamentally shifted the economic consensus by arguing that the money supply is a primary driver of economic activity and stability. The Core Thesis: "Money Matters" Published in 1963, by Milton Friedman and Anna J
The transition from private clearinghouses to a centralized monetary authority.