Anatomy of the Great Suppression
In America’s Great Depression, Murray Rothbard buttresses his case for his business cycle theory by carefully noting when the theory does not apply. For example, he writes, “A sharp increase in taxation may depress industry and the urge to invest and thereby precipitate a crisis.” Plunges in business activity may also be caused by “famine, plague, seizure of bullion by Charles I, losses in war.” Examples like these, Rothbard observes,“are always identifiable and create no mysteries about the underlying causes.”
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