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Ninety years ago, the United States and most of the rest of the Western industrial world was in the throes of the Great Depression. Usually demarcated as having begun with the U.S. stock market crash of October 1929, the Depression is most often dated as having reached bottom at the end of 1932 and the early part of 1933.
Unemployment, as measured by the government, reached more than 25 percent of the American labor force; Gross National Product declined by 54 percent. Wholesale prices in the U.S. declined between 1929 and 1933 by 23 percent, while farm prices, alone, went down by 52 percent over the same period. It is not surprising that, given the falls in prices, that the aggregate money supply had contracted by 30 percent during the Great Depression, and more than 8,000 banks closed their doors.
The Great Depression was unique in anyone’s living memory in terms of its severity and duration. While not to the same ...
The recent 11 days of warfare between Israel and Hamas in Gaza has once more raised the issue of one-state or two-state “solutions” to the over seven decade Israel-Palestinian conflict. In the long run, neither is a viable option outside of a politics of individual liberty and an economics of free markets.
There was a two-state solution laid out in the United Nations Resolution 181, passed by the General Assembly on November 29, 1947, in the face of the planned ending of the British Mandate over Palestine in 1948, which had been in place since the end of the First World War. Before World War I, there had not been a “Palestine,” but simply some administrative districts of the Turkish, or Ottoman, Empire in that eastern Mediterranean area that used to be broadly called the Levant.
After the First World War, much of the Ottoman Empire was divided between the British and French governments. What are now known as Syria and ...
