http://mises.org/story/3661
Captivating analysis from an economist who watched the unfolding of economic issues after WWI and didn't know he was watching the 'Great Depression.' Professor Graham's conclusion is that market theories were "fundamentally sound and the policy of laissez-faire to which they point is valid still.… The mills of international finance grind slowly but their capacity is great.…The one condition is that the hoppers be not unduly loaded in [an] effort to get the whole grist from a single grinding. So much for the economics of the question. What politics has in store is, however, an inscrutable mystery. It can only be said that such financial difficulties as may occur will almost certainly arise from political rather than economic sources." (pp. 325 – 326)
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