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The Panic of 1819 (book)
''The Panic of 1819: Reactions and Policies'' is Murray Rothbard's 1962 work about what he calls the first great economic crisis of the United States. The book is based on his doctoral dissertation in economics at Columbia University during the mid-1950s.〔(【引用サイトリンク】 Murray N. Rothbard )〕
==Summary==
During the 19th century some observers believed that the Panic originated within the economic system itself, since the event could not be readily attributed to any specific event, as had some previous crises. Rothbard, however, states that the Panic of 1819 arose from developments related to the War of 1812 and the postwar prosperity that followed. The outbreak of war stifled foreign trade and spurred the growth of domestic manufacturing, which grew to fill the demand previously met by imports. The government borrowed heavily to finance the war. Rothbard alleges that this led to a credit expansion which in turn led to rising prices. Rothbard's book provides a narrative of these events.〔(【引用サイトリンク】 Panic of 1819--and 2002 )〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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