Authors:
  • I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.

    Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.45, University of Chicago Press