Dearth of “investment opportunities”...............................................68
Schumpeter’s business cycle theory...................................................72
Qualitative credit doctrines...............................................................75
Overoptimism and overpessimism....................................................80
PART II: THE INFLATIONARY BOOM: 1921–1929
4 THE INFLATIONARY FACTORS...........................................85
The definition of the money supply...................................................87
Inflation of the money supply, 1921–1929........................................91
Generating the inflation, I: reserve requirements.............................95
Generating the inflation, II: total reserves......................................101
Treasury currency.............................................................................116
Bills discounted................................................................................117
Bills bought–acceptances.................................................................126
U.S. government securities..............................................................133
5 THE DEVELOPMENT OF THE INFLATION................137
Foreign lending................................................................................137
Helping Britain................................................................................142
The crisis approaches.......................................................................159
6 THEORY AND INFLATION: ECONOMISTS AND
THE LURE OF A STABLE PRICE LEVEL.........................169
PART III: THE GREAT DEPRESSION: 1929–1933
7 PRELUDE TO DEPRESSION: MR. HOOVER
AND LAISSEZ-FAIRE................................................................185
The development of Hoover’s interventionism:
unemployment...........................................................................188
The development of Hoover’s interventionism:
labor relations.............................................................................199
8 THE DEPRESSION BEGINS:
PRESIDENT HOOVER TAKES COMMAND...................209
The White House conferences........................................................210
Inflating credit.................................................................................214
Public works.....................................................................................216
The New Deal Farm Program........................................................217

9 1930.................................................................................................239
More inflation..................................................................................239
The Smoot–Hawley Tariff...............................................................241
Hoover in the second half of 1930...................................................243
The public works agitation..............................................................250
The fiscal burdens of government...................................................253
10 1931—“THE TRAGIC YEAR”.................................................257
The American monetary picture.....................................................260
The fiscal burden of government....................................................263
Public works and wage rates............................................................264
Maintaining wage rates....................................................................267
Immigration restrictions..................................................................270
Voluntary relief................................................................................271
Hoover in the last quarter of 1931...................................................272
The spread of collectivist ideas in the business world.....................277
11 THE HOOVER NEW DEAL OF 1932..................................285
The tax increase...............................................................................286
Expenditures versus economy..........................................................288
Public works agitation......................................................................292
The RFC..........................................................................................296
Governmental relief.........................................................................300
The inflation program.....................................................................301
The inflation agitation.....................................................................308
Mr. Hoover’s war on the stock market.............................................316
The home loan bank system............................................................317
The bankruptcy law..........................................................................318
The fight against immigration.........................................................319
12 THE CLOSE OF THE HOOVER TERM..................................321
The attack on property rights: the final currency failure................323
Wages, hours, and employment during the depression...................330
Conclusion: the lessons of Mr. Hoover’s record.............................336
APPENDIX: GOVERNMENT AND THE NATIONAL
PRODUCT, 1929–1932...................................................................339
INDEX.............................................................................................349

TABLES
TABLE 1: Total Money Supply of the United States,
1921–1929.........................................................................92
TABLE 2: Total Dollars and Total Gold Reserves............................94
TABLE 3: Member Bank Demand Deposits.....................................98
TABLE 4: Demand and Time Deposits............................................99
TABLE 5: Time Deposits.................................................................100
TABLE 6: Member Bank Reserves and Deposits............................102
TABLE 7: Changes in Reserves and Causal Factors . . .
1921–1929................................................................................109
TABLE 8: Per Month Changes in Reserves and Causal
Factors . . . 1921–1929..............................................................110
TABLE 9: Factors Determining Bank Reserves
July–October 1929....................................................................166
TABLE I: National Product.............................................................341
TABLE II: Income Originating in Government.............................342
TABLE III: Private Product.............................................................342
TABLE IV: Government Expenditures...........................................343
TABLE V: Expenditures of Government Enterprises.....................345
TABLE VI: Expenditures of Government and
Government Enterprises..........................................................345
TABLE VII: Receipts of Government and
Government Enterprises..........................................................346
TABLE VIII: Government and the Private Product......................347

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定一个，就是有点贵！