Who could shelter wealth while everyone else struggled to keep up?

Stopping inflation required changing expectations, not only banknotes. Stabilization required measures to restore expectations as well as changes in m...

The story cannot be reduced to governments printing money without accounting for war debts, reparations politics and institutional breakdown. Printing...

Prices could change rapidly enough to disrupt wages, contracts and savings, but the consequences varied by debtor, creditor and asset holder. When wag...

Which mechanism best explains how a market shock became a prolonged collapse in employment and output?

The timing of recovery varied, making international comparisons essential to any causal claim. Different recoveries are clues, not inconvenient except...

Treating the crash as the only cause hides important differences between countries and policy responses. There was no single identical Depression in e...

Falling share prices hurt, but banking and credit amplified the damage. Falling equity prices damaged confidence and wealth, while credit contraction ...

What tool was the United States missing when confidence collapsed?

A successful private intervention in one panic does not guarantee an adequate nationwide safety net. One wealthy rescuer is not a durable monetary ins...

The 1913 reform was shaped by more than one bad week. The crisis became part of the case for creating the Federal Reserve System in 1913, but reform d...

Runs and funding pressure spread through banks and trust companies until private cooperation and emergency measures helped stabilize markets. Private ...