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“We Must Deflate”: The Crime of 1920 Revisited

Published online by Cambridge University Press:  26 May 2016

CHRISTOPHER W. SHAW
CHRISTOPHER W. SHAW*
Affiliation:
Christopher W. Shaw is Visiting Lecturer of History at the University of California, Berkeley. E-mail: [email protected].
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Abstract

Post-World War I Federal Reserve System policy focused on reducing price levels. Faith in liquidationist ideas led Federal Reserve officials to maintain tight-money policies during the depression of 1920–1921. Farmers suffering through this economic crisis objected to contemporary monetary policy. Organized labor and leading Progressive reformer Robert M. La Follette Sr. seconded their criticism. Postwar challenges to the nation’s financial leadership and its priorities bore tangible results by producing a number of notable reforms, including modifications of Federal Reserve policy and the Agricultural Credits Act of 1923. In the absence of similar political pressure during the Great Depression, the Federal Reserve System adhered to liquidationist ideas and did not pursue monetary expansion.

Type
Articles
Information
Enterprise & Society , Volume 17 , Issue 3 , September 2016 , pp. 618 - 650
Copyright
Copyright © The Author 2016. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

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