A Monetary History of the United States, 1867-1960

A Monetary History of the United States, 1867-1960 examines nearly a century of American monetary policy and its effects on the broader economy. The book presents detailed research on money supply, banking systems, and Federal Reserve actions during major economic events. The authors analyze key periods including the creation of the Federal Reserve, the Great Depression, and both World Wars through the lens of monetary policy decisions and outcomes. Their investigation draws on extensive data and historical records to trace connections between currency, credit, and economic stability. The text provides a framework for understanding how monetary forces and banking institutions shaped the American economy during pivotal moments. Through empirical evidence and economic analysis, Friedman and Schwartz construct arguments about the relationship between money supply and economic fluctuations. This influential work represents a watershed contribution to economic thought, particularly regarding the role of monetary policy in economic outcomes. Its conclusions continue to inform debates about central banking and government intervention in financial markets.

Readers cite the book's detailed data analysis and clear explanation of monetary policy's role in economic cycles. Many economists and students value the thorough examination of the Great Depression, with numerous references to the authors' statistical work and historical research. Positive reviews highlight: - Complex data presented in accessible language - Charts and tables that illuminate monetary trends - Analysis of banking panics and Federal Reserve actions Common criticisms: - Dense academic writing style - Challenging for non-economists - Some sections are repetitive From reader "John K" on Amazon: "The technical details can be overwhelming, but the historical narrative keeps you engaged." Ratings: Goodreads: 4.2/5 (483 ratings) Amazon: 4.5/5 (89 ratings) Several readers note they only read specific chapters rather than the entire 888 pages, particularly focusing on the Great Depression sections in chapters 7-13.

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Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed The book traces how the decisions of four central bankers shaped the economic landscape of the 1920s and led to the Great Depression.

This Time Is Different: Eight Centuries of Financial Folly by Carmen Reinhart, Kenneth Rogoff The authors analyze financial crises across 66 countries over 800 years, revealing patterns in monetary policy mistakes and their consequences.

The Battle of Bretton Woods by Benn Steil This account details the 1944 conference that established the post-war monetary system and the dollar's global dominance.

The Rise and Fall of American Growth by Robert J. Gordon The book examines U.S. economic growth from 1870 to the present, focusing on monetary policy's role in productivity and living standards.

🔹 The research and writing of this influential book took nearly 15 years to complete, with Friedman and Schwartz analyzing vast amounts of monetary data that had never been systematically studied before. 🔹 The book's analysis of the Great Depression challenged the prevailing wisdom by arguing that the Federal Reserve's monetary policy mistakes, rather than the stock market crash, were primarily responsible for the severity of the economic downturn. 🔹 Co-author Anna Schwartz continued her research and writing well into her 90s, passing away in 2012 at age 96 after a career spanning more than seven decades at the National Bureau of Economic Research. 🔹 The book's findings were so influential that Federal Reserve Chairman Ben Bernanke, in a 2002 speech honoring Milton Friedman's 90th birthday, acknowledged: "You're right, we did it. We're very sorry... We won't do it again." 🔹 Despite its scholarly nature and length (888 pages), the book became an unexpected commercial success and helped Friedman win the 1976 Nobel Prize in Economics for his research on monetary history and theory.