The Forgotten Depression tells of the slump of 1920-21: high unemployment, collapse in commodity prices, upsurge in bankruptcies and sharp break in stock prices. Unlike the Great Depression, the 1920 affair was over in 18 months. What explains its brevity? James Grant is founder of Grant’s Interest Rate Observer and has appeared in The WSJ, Claremont Review of Books, and Foreign Affairs, as well as on TV on Sixty Minutes, Charlie Rose and Wall Street Week.

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