A rabble of dead money The Great Crash and the global depression : 1929-1939

Charles R. Morris

Book - 2017

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Subjects
Published
New York : PublicAffairs [2017]
Language
English
Main Author
Charles R. Morris (author)
Edition
First edition
Physical Description
xvi, 389 pages : illustrations ; 25 cm
Bibliography
Includes bibliographical references (pages 335-364) and index.
ISBN
9781610395342
  • List of Figures
  • Foreword
  • Prelude
  • Part 1. America Discovers the Modern
  • I. The Jazz Age
  • II. Edison, Tesla, Westinghouse, and Instill
  • III. And Then Came Ford
  • IV. Transformations: New York City
  • V. The View from Below: Muncie, Indiana
  • VI. Dislocations
  • Part 2. "One Heckuva Boom"
  • I. Trickle-down Economics
  • II. From War to Prosperity
  • III. Electrifying Chicago
  • IV. David Buick, Billy Durant, Alfred Sloan, and the Modern Car Industry
  • V. What Happened to Ford?
  • VI. A Productivity Bonanza
  • VII. Spinoffs
  • VIII. Laggards: Agriculture
  • IX. Laggards: Real Estate
  • X. On the Eve of the Crash
  • Part 3. The Crash in the United States
  • I. New York Stock Exchange
  • II. The Rise of Herbert Hoover
  • III. Charting the Fall
  • IV. The Worm's Eye View
  • V. The Banking Crises of the Great Depression
  • VI. The Twilight of the Gods I: Insull
  • VII. The Twilight of the Gods II: Kreuger
  • Part 4. Blood, Gold, and Unpaid Debts
  • I. Entanglements
  • II. The Gold Standard
  • III. Germany, 1919-1925: Vengeance, Reparations, and War Debts
  • IV. The Dawes and Young Plans
  • V. England, 1919-1925: Churchill (Sort of) Chooses Resumption
  • VI. The French Rollercoaster
  • VII. The End of Cooperation
  • VIII. Germany Unravels
  • IX. The Golden Jihad
  • X. Getting What You Wish For
  • Part 5. Roosevelt, Reflation, and Recovery
  • I. World Monetary & Economic Conference
  • II. Devaluing the Dollar
  • III. Creating the "New Deal"
  • IV. The New Deal in Overview
  • V. The New Deal in Detail
  • VI. The Rest of the New Deal: A Roundup
  • VII. Econometric Analyses
  • VIII. Catastrophe
  • IX. The Unemployment Conundrum
  • X. The Great Leap Forward
  • Part 6. The Geology of the Collapse
  • I. The Legacy of War
  • II. The Big Picture
  • III. The Details
  • IV. A Postscript to the Reader
  • Acknowledgments
  • Photo Credits
  • Appendix: Milking the Insull Structure
  • Notes
  • Index
Review by Choice Review

For those who haven't read anything about the Great Depression, this book is a great place to start. Even those who have read a lot about the Depression will probably profit considerably from reading this volume. Morris, a professional historian with a background in finance, is a superb writer and storyteller. He has consulted with leading academic economic historians and expertly draws on an immense body of their scholarly research, which he knowledgeably explains in lay terms, adding valuable insights of his own. Another strength is that, despite the title, Morris spends as much time analyzing events in the decade and a half leading up to the Depression as he does on the Depression itself. He carefully examines how World War I fractured successful economic arrangements from the prewar era and emphasizes the contingency of the ensuing events in Europe and especially in the US. The coverage is wide, deep, and remarkably even-handed. Summing Up: Highly recommended. General readers; upper-division undergraduates through faculty. --Robert M. Whaples, Wake Forest University

Copyright American Library Association, used with permission.
Review by New York Times Review

HAMLET GLOBE TO GLOBE: Two Years, 190,000 Miles, 197 Countries, One Play, by Dominic Dromgoole. (Grove, $27.) To celebrate the 450th anniversary of Shakespeare's birth, London's Globe Theater performed "Hamlet" all around the world. Dromgoole's witty account of the ambitious two-year tour offers insight about the play and its enduring appeal. ONE OF THE BOYS, by Daniel Magariel. (Scribner, $22.) After a brutal custody battle, two brothers watch their father drift into addiction in a gripping and heartfelt first novel that brims with wisdom about the self-destructive longing for paternal approval. A RABBLE OF DEAD MONEY: The Great Crash and the Global Depression, 1929-1939, by Charles R. Morris. (PublicAffairs, $29.99.) This accessible overview of the policy response to the Great Depression is a deft synthesis, blending colorful accounts of the past with the scholarly literature of the present. THE KNOWLEDGE ILLUSION: Why We Never Think Alone, by Steven Sloman and Philip Fernbach. (Riverhead, $28.) Two cognitive scientists argue that not only rationality but the very idea of individual thinking is a myth, and that humans think in groups. Providing people with more and better information is unlikely to improve matters. AMERICAN WAR, by Omar El Akkad. (Knopf, $26.95.) El Akkad's first novel, a dark dystopian thriller, is set at the end of this century, when climate change, plague and intrastate conflict have laid the country to waste. MY CAT YUGOSLAVIA, by Pajtim Statovci. Translated by David Hackston. (Pantheon, $25.95.) Statovci's strange, haunting and utterly original exploration of displacement and desire interweaves the stories of a Kosovan woman and her son roiled by the aftershocks of exile. A singing, dancing cat encountered in a gay bar plays a role. PORTRAITS OF COURAGE: A Commander in Chief's Tribute to America's Warriors, by George W. Bush. (Crown, $35.) The former president's paintings of veterans reveal a surprisingly adept artist who has dramatically improved his technique while also doing penance for a great disaster of American history. YOU SAY TO BRICK: The Life of Louis Kahn, by Wendy Lesser. (Farrar, Straus&Giroux, $30.) Lesser's narrative of Kahn's tumultuous life and remarkable career is magnificently researched and gracefully written. SIGNS FOR LOST CHILDREN, by Sarah Moss. (Europa, paper, $19.) This fine exploration of a marriage between a doctor in Victorian England and her architect husband feels contemporary.

Copyright (c) The New York Times Company [May 5, 2017]
Review by Publisher's Weekly Review

In this sprightly-if strangely titled-volume, Morris (Comeback: America's New Economic Boom) recounts a major 20th-century crisis. Morris characterizes himself as a "historian with a professional background in finance," and he is at his best when writing about economic matters, alerting readers to the latest, most authoritative thinking about the causes and realities of the Great Depression. He sets his main story's stage with a long introduction on the 1920s, which takes up a third of the book, and eventually hits his stride in the midst of the Depression. The usual characters-Herbert Hoover and F.D.R. especially-make their necessary appearances, but part of the book's distinctiveness lies in Morris's inclusion of little-known people, not all of them American, such as Chicago businessman Samuel Insull and the "Swedish Match King" Ivar Kreuger. Another of its strengths is that Morris goes beyond American shores to cover the Depression's roots in, and effects on, the rest of the world. There's not much new here, but what Morris delivers is dependably accurate, well paced, and easy to read. This is an ideal book for readers seeking an introduction to the Depression years, though Eric F. Goldman's classic Rendezvous with Destiny remains essential reading. (Mar.) © Copyright PWxyz, LLC. All rights reserved.

(c) Copyright PWxyz, LLC. All rights reserved
Review by Library Journal Review

Morris (The Tycoons) intertwines his knowledge of industrial history and economics into a detailed analysis of the Great Depression. The author provides a grand prelude to this period, giving a solid background into the technological and industrial boom of the early 20th century. Significant innovators and business leaders of the Jazz Age are covered in great detail, including Henry Ford, Thomas Edison, and Samuel Insull. In many ways, this work concerns the rise, crash, and recovery of the modern, electric American society. This book is riddled with economic and industrial data, including information about industrial output, labor, and markets. Ominous charts illustrate the meltdown between 1929 and 1932, as well as the subsequent rebuilding and recovery during the New Deal. Morris also includes information about the contemporaneous and ever-worsening economic situation in Europe. Casual readers who want a recent, in-depth history of the Depression without the heavy economics may prefer Jane Ziegelman and Andrew Coe's A Square Meal. VERDICT An excellent title for those who have a solid footing in history and economics and who want to sink their teeth into the business side of the era.-Jeffrey Meyer, Mt. Pleasant P.L., IA © Copyright 2017. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

(c) Copyright Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.
Review by Kirkus Book Review

Morris (Comeback: America's New Economic Boom, 2013, etc.) revisits history's greatest economic meltdown.The phenomenon of the Great Depression is too vast and complex for a single book to capture entirely. Where to begin? How about with Morris, if only because he does such an efficient job laying the groundwork for an understanding of the economic disaster. Clearly familiar with the library of "Depression studies," the author, a lawyer and former banker, makes good use of the historians and economists who've gone before. He begins by tracing the roots of the Depression to World War I, the devastation that accounted for the desperate efforts of the United States, Britain, France, and Germany to fashion a new, acceptable order in the wake of massive loss. Focusing on the U.S. but keeping an eye on the European scene, Morris writes smoothly and moves at a breakneck pace, packing the narrative with quick profiles of auto titans, utilities giants, and international businessmen and entrepreneurs and drilling down on the economic maneuverings by political figures like Herbert Hoover, Franklin Roosevelt, and Winston Churchill. To bolster his economic arguments, Morris enlists the likes of Galbraith, Keynes, Eichengreen, and others. He's especially good assessing the transformative effects of the new automobile and AC electric industries on American life, examining the poison pill that was the Treaty of Versailles, highlighting the attacks on the New Deal, and mapping the changes wrought by mass communications and the development of "America's unique consumer-oriented economy." Readers will prize the author's discussion of Britain's resumption of the gold standard, his stout defense of William Jennings Bryan, and his dismissal of the "banking crisis" as little more than a minor contributor to the Depression. Also likely to raise some eyebrows: the author's insistence that the Depression was well over before World War II began and that, notwithstanding the New Deal's ups and downs, Roosevelt himself helped make recovery possible. Both neophytes and experts will find something provocative and rewarding in this unfailingly interesting treatment. Copyright Kirkus Reviews, used with permission.

Copyright (c) Kirkus Reviews, used with permission.