by Tom Woods
The Great Recession of 2008 caught everyone by surprise. Well, almost everyone. As Tom Woods shows in this book, there was a small group of economists that warned that a housing bubble had developed, and that it was destined to burst. The economists, from the Austrian school, turned out to be exactly right. As Woods shows, not only were they right about why the recession happened (here’s a hint, it wasn’t due to de-regulation), they were also right that government action to “ease” the pain would only make things worth. This book, written in 2009, has been vindicated – and continues to be vindicated – on these points. Woods’ solution, that the free market should be permitted to correct the economy and prevent the next bubble, deserves careful consideration.
Praise for Meltdown
“A must-read. Writing with remarkable clarity and occasional mordant humor, Thomas Woods makes a compelling argument for a radical turn to the free market as the only way to prevent meltdowns from recurring.” – Barron’s
“Ideas still matter, and sound economic education has rarely been as urgently necessary as it is today. There is no better book to read on the present crisis than this one, and that is why I am delighted to endorse…it.” – Ron Paul, former U.S. Representative (R-Texas)
What to Read First
This book is a very good introduction to both free market economics and some basic economic history. Some readers may benefit from reading The Politically Incorrect Guide to the Great Depression first.
What to Read Next