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Title: The Forgotten Man: A New History of the Great Depression
ISBN: 0061285277
Author:
Amity Shlaes
Publicate Date: 2007-07-01
Publish: 2007-07-01
List Price: $17.95
Average Customer Rating: 4.0
Format: Paperback
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Amazon Lowest New Price: $12.92
Amazon Lowest Used Price: $12.97
Amazon Merchant Price: $17.95
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| Customer Review: |
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1: Good Thesis but Tough Read
The author does a great job expounding her theory that World War II ended the great depression and FDR's New Deal only helped prolong it. With plenty of examples of flamboyant socialist policies, overzealous prosecutions, and the unconstitutional court packing plan, she certainly makes a good case. This work, however, is pretty dense and can be hard to get through at times. This book would make an excellent source for an Economics class, but could be a little much for the average reader looking for an overview of the time period.
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2: too many names
This book has a great title and seems like it should be in-depth history. Unfortunately it's a barrage of names that seems to never complete a thought. I couldn't figure out what the author was getting at in most chapters. I wanted to read about cause and effect when it comes to the depression, the stock market, inflation and deflation, FDR's programs, trade, and common people's decisions and lives. Instead I got the attendance at a zillion meetings and the destinations of politicians trips.
Here's a sample sentence: "On March 11 came news that Homer Cummings, Roosevelt's attorney general, was preparing a tax suit against Mellon, as well as against T.S. Lamont of J.P. Morgan and Thomas Sidlo, a law partner of the reformer Newton Baker of Cleveland." Try reading an entire book like that.
So even though I gave it three stars (some people enjoy thick stuff like this) if you're an average inquisitive reader I'd say save your money.
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3: She's Right: We Did It
I was interested in reading another history of the Great Depression, having only read a single book on the subject, John Kenneth Galbraith's, 'The Great Crash: 1929'. Amity Shlaes' book was highly recommended by many authoritative sources as well-suited to the non-expert in economics who is interested in understanding the conditions which lead to the Depression, those factors that perpetuated it and, more particularly, what steps, if any, might be taken to avoid a repetition of those sorrowful times.
As the author of a general-interest book, Shlaes tries to hold the reader's attention by abundant use of anecdotes to illustrate what otherwise might appear as arcane economic concepts. This yields a somewhat encyclopaedic survey of the times, but also familiarizes the reader with many important historical personalities that are currently obscure, e.g. Rex Tugwell, Raymond Moley, Adolf Berle and Felix Frankfurter.
As I understood the book, the major points were: 1. FDR's penchant for experimentation, 2. His susceptibility to influence from his cohort of advisors the so-called 'Brain Trust', a frequently mutating group of intellectuals, recruited on the basis of their appeal to Roosevelt's current fancy and, most importantly, 3. That New Deal policies needlessly prolonged the Depression, simultaneously creating 'identity' and 'interest' politics. A corollary of New Deal policies was the creation of indebted constituencies: this resulted from developing conditions tantamount to 'class warfare' and by putting more and more people on 'the dole'.
Shlaes, however, is candid enough to point out FDR's shrewd abilities as a political thinker, citing, for example, his swift reversal of course by adoption of the formerly vilified scions of 'big business' when he realized the liklihood of an impending European war and the need for support from this quarter. Another interesting and politically adroit move was FDR's appointment of Joe Kennedy as first head of the Securities and Exchange Commission: who better to monitor fraudulent securities trading activity than an insider and master of the method?
John Maynard Keynes and his theories, adapted to various New Deal programs by FDR, receives a few pointed rebukes. The most telling point in favor of Shlaes' perspective came in the form of an endorsement by the current head of the Federal Reserve Board, Ben Bernanke. In November, 2002, at a ceremony honoring Milton Friedman's ninetieth birthday, he was quoted as remarking, 'I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.' Let's hope he's right. But, What better vindication could Shlaes' arguments wish for?
In summary, an interesting book, well worth reading.
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4: Must read before going to the polls this Nov!
I will admit, the first few chapters are rough going if just for the shear number of characters you're being introduced to. The author has taken a strictly chronological approach to presenting her material. Because of that, characters come and go, some disappear for so many pages only to return and you're asking yourself "Where do I know that name?" Perhaps an introduction -- chronology not withstanding -- of the major players may have given this book an easier start. But persevere! I started reading between the names, reading more for the narrative and the point than for the name and date. (Note: there is a cliff-notes of characters at the end that you can reference along the way).
But one simply cannot ignore the parallels of 1929-1932 and the current state of America today. There were long stretches of narrative on FDR where the name "Obama" could be substituted in with chilling presage. And considering the fact that this nation is so profoundly encumbered by the lingering, destructive policies of the New Deal, intelligent persons wouldn't make their vote this fall without considering the dire consequences of electing such radical progressives in knee-jerk reactions to the natural life cycle of our laissez-faire economy.
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5: Every American Should Read This Book
Amity Shlaes has written a timely and provocative book. As our presidential election nears, one can hear Republicans and Democrats alike arguing for more government action, more government-sponsored bailouts, more government intrusion into the market. As one commentator recently mentioned, it seems that we're on a course further toward the left ... no matter whom we elect. A big part of the left's mythology is predicated upon forced charity founded upon ever-increasing taxation in order to give a better life to "the forgotten man." Shlaes demonstrates that this forgotten man was originally not the poor person in need, but the person in the middle--the person whose work and tax dollars make it possible for the state to redistribute wealth. This author makes a convincing case for the law of unintended consequences when government starts tinkering with the economy. Reading the pages of this book, one begins to appreciate anew the wisdom of this nation's founders and the manner in which they insisted on strict limits to governmental power.
This review may sound harsh coming from a Christian theologian. But I am not against charity or the offering of aid to one's neighbor. Those are major tenets of my fiath. But what I do oppose is the growing power of the state with its police power to compel citizens to be charitable. Shlaes gives us important information to understand the historical path by which we have come to find ourselves in this situation.
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