James Grant’s story of America’s last governmentally untreated depression: A bible for conservative economists, this “carefully researched history…makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes” (The Wall Street Journal).
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
In The Forgotten Depression, James Grant “makes a strong case against federal intervention during economic downturns” (Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America’s worst depression. He offers examples like this, and many others, as important strategies we can learn from the earlier depression and apply today and to the future. This is a powerful response to the prevailing notion of how to fight recession, and “Mr. Grant’s history lesson is one that all lawmakers could take to heart” (Washington Times).
The power of India reached its pre-British Raj height under the Maratha Empire or the Maratha Confederacy which was an Indian imperial power that existed from 1674 to 1818. At its peak, the empire covered much of India, encompassing a territory of over 2.8 million km2. The Marathas are credited for ending the Mughal rule in India. The Marathas were a yeoman warrior group from the western Deccan that rose to prominence during the rule of the Adil Shahi dynasty and Ahmadnagar Sultanate. The empire was founded by Shivaji Bhosle, who formally crowned himself Chhatrapati ("Emperor") with Raigad as his capital in 1674, and successfully fought against the Mughal Empire. The Maratha Empire waged war for 27 years with the Mughals from 1681 to 1707, which became the longest war in the history of India. Shivaji, pioneered "Shiva sutra" or Ganimi Kava (guerrilla tactics), which leveraged strategic factors like demographics, speed, surprise and focused attack to defeat his bigger and more powerful enemies. After the death of the Mughal Emperor Aurangzeb, the empire expanded greatly under the rule of the Peshwas. The empire at its peak stretched from Tamil Nadu in the south, to Peshawar (modern-day Pakistan) on the Afghanistan border in the north, and Bengal and Andaman Islands in east. In 1761, the Maratha army lost the Third Battle of Panipat to Abdali’s Afghan Durrani Empire, which halted their imperial expansion. Ten years after Panipat, young Madhavrao Peshwa reinstated the Maratha authority over North India. In a bid to effectively manage the large empire, he gave semi-autonomy to the strongest of the knights, which created a confederacy of Maratha states. In 1775, the British East India Company intervened in a succession struggle in Pune, which became the First Anglo-Maratha War. Marathas remained the preeminent power in India until their defeat in the Second and Third Anglo-Maratha wars (1805–1818), which left the British East India Company in control of most of India.
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