As part of Antiwar Radio’s week long series on the economic crisis in association with the Campaign for Liberty, Robert Higgs, senior fellow at the Independent Institute and author of Crisis and Leviathan: Critical Episodes in the Growth of American Government and Depression War and Cold War, discusses the relationship between the inflation of World War One, the roaring ‘20’s and the Great Depression, Fed chief Ben Strong’s deal with the Bank of England’s Montague Norman to inflate in the 1920s in order to help England and how this created the stock market bubble (and others) in the 20s, some of the ways that the near-totalitarian New Deal interventions of Wilsonian Republican Herbert Hoover and Wilsonian Democrat Franklin Roosevelt compounded and prolonged the depression, the myth that World War II ended the Great Depression, the Korean War and switch from World War to Cold War, the state’s scare tactics to strong-arm government growth, chaotic interventionism in the market and the status of the dollar as the world’s reserve currency.
MP3 here. (43:37)
Robert Higgs is Senior Fellow in Political Economy for The Independent Institute and Editor of the Institute’s quarterly journal The Independent Review. He received his Ph.D. in economics from Johns Hopkins University, and he has taught at the University of Washington, Lafayette College, Seattle University, and the University of Economics, Prague. He has been a visiting scholar at Oxford University and Stanford University, and a fellow for the Hoover Institution and the National Science Foundation.
Dr. Higgs is the editor of The Independent Institute books Opposing the Crusader State, The Challenge of Liberty, Re-Thinking Green, Hazardous to Our Health? and Arms, Politics, and the Economy, plus the volume Emergence of the Modern Political Economy.
His authored books include Neither Liberty Nor Safety, Depression, War, and Cold War, Politická ekonomie strachu (The Political Economy of Fear, in Czech), Resurgence of the Warfare State, Against Leviathan, The Transformation of the American Economy 1865-1914, Competition and Coercion, and Crisis and Leviathan. A contributor to numerous scholarly volumes, he is the author of more than 100 articles and reviews in academic journals.