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Banking and the Business Cycle

Banking and the Business Cycle

"This rare study by C.A. Phillips, together with T.F. McManus and R.W. Nelson, appeared in 1937 as an Austrian-style analysis of the stock market crash and the great depression that followed. It explores the many theories tossed about at the time, and concludes that the theory "here developed may be called a 'central banking' explanation of the depression. The depth and duration of the depression are held to be the ineluctable consequences of the preceding boom."

 

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