Chairman Bernanke agrees with Friedman that the Federal Reserve is largely to blame for the Great Depression, but he draws a different lesson from the central bank’s disastrous mistake. That difference helps explain Bernanke’s eagerness for the Fed to play a larger role in centrally planning the U.S. economy.
Ben Bernanke versus Milton Friedman
The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner
By Jeffrey Rogers Hummel
This article
appeared in
the Spring 2011 issue of The Independent Review.
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(34 pages)
Banking and FinanceBureaucracy and GovernmentBusiness and EntrepreneurshipEconomic History and DevelopmentEconomic PolicyEconomistsEconomyFiscal Policy/DebtGovernment and PoliticsGovernment Waste/PorkPhilosophy and Religion
| Other Independent Review articles by Jeffrey Rogers Hummel | ||
| Spring 2014 | The Inevitability of a U.S. Government Default | |
| Spring 2001 | The Will to Be Free:The Role of Ideology in National Defense | |
| Fall 2000 | All on Fire:William Lloyd Garrison and the Abolition of Slavery | |
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