Kiara

The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein.

In this book, which the author calls a "culmination of 30 years of work in the history of ideas", Sowell attempts to explain the ideological difference between liberals and conservatives as a disagreement over the moral potential inherent in nature. Those who see that potential as limited prefer to constrain governmental authority, he argues. They feel that reform is difficult and often dangerous, and put their faith in family, custom, law, and traditional institutions.

Marxism is a term that many people freely use, but few seem to grasp its implications. Sowell's book is the antidote to this problem. He writes in a fluid and easy-to-follow manner, leading the listener through the Marxian scheme of ideas. Along the way, he shatters some existing interpretations of Marx-interpretations that have developed through repetition rather than through scholarship.