Best of
Economics

1939

The End of Economic Man: The Origins of Totalitarianism


Peter F. Drucker - 1939
    Drucker explains and interprets fascism and Nazism as fundamental revolutions. In some ways, this book anticipated by more than a decade the existentialism that came to dominate the European political mood in the postwar period. Drucker provides a special addition to the massive literature on existentialism and alienation since World War II. The End of Economic Man is a social and political effort to explain the subjective consequences of the social upheavals caused by warfare.Drucker concentrates on one specific historical event: the breakdown of the social and political structure of Europe which culminated in the rise of Nazi totalitarianism to mastery over Europe. He explains the tragedy of Europe as the loss of political faith, resulting from the political alienation of the European masses. The End of Economic Man is a book of great social import. It shows not only what might have helped the older generation avert the catastrophe of Nazism, but also how today's generation can prevent another such catastrophe. This work will be of special interest to political scientists, intellectual historians, and sociologists.The book was singled out for praise on both sides of the Atlantic, and is considered by the author to be his most prescient effort in social theory.

The Vampire Economy: Doing Business Under Fascism


Günter Reimann - 1939
    Written in 1939, Reimann discusses the effects of heavy regulation, inflation, price controls, trade interference, national economic planning, and attacks on private property, and what consequences they had for human rights and economic development. This is a subject rarely discussed and for reasons that are discomforting,: as much as the left hated the social and cultural agenda of the Nazis, the economic agenda fit straight into a pattern of statism that had emerged in Europe and the United States, and in this area, the world has not be de-Nazified. This books makes for alarming reading, as one discovers the extent to which the Nazi economic agenda of totalitarian control--without finally abolishing private property--has become the norm. The author is by no means an Austrian but his study provides historical understanding and frightening look at the consequences of state economic management.

The Theory of Idle Resources


W.H. Hutt - 1939
    

Wall Street Under Oath: The Story of Our Modern Money Changers


Ferdinand Pecora - 1939
    Pecora, as Chief Counsel of the Senate launched investigation, shined a vivid light on the shocking practices that permeated Wall Street to the highest echelons of power. This book contains the judgements, the personal impressions, and the conclusions of the man whose personality dominated the proceedings. The mighty J. P. Morgan was forced to admit he and many of his partners hadn’t paid any income taxes in the previous two years and his reputation was tarnished. Pecora’s exposé of the practices of National City Bank (now Citibank) made banner headlines and caused the bank’s president to resign. Ferdinand Pecora writes about the investigation in the same straight-forward way he conducted it. Four of the New Deal's major reforms came as a direct consequence of Wall Street Under Oath. It is a book of enduring importance. Federal Reserve Chairman Ben Bernanke said the 2008 “Great Recession” was actually worse than the Great Depression, making Pecora's insights more relevant than ever before.

Tides in the Affairs of Men: An Approach to the Appraisal of Economic Change


Edgar Lawrence Smith - 1939