… is from page 128 of James Grant’s superb 2014 book, The Forgotten Depression – a volume about the U.S. experience with the depression of 1920-21 and the rapid recovery from that depression, a recovery not engineered, steered, or ‘stimulated’ by the state:
As far as the political-eocnomic mind of 1920 was concerned, there was no “U.S. economy.” And as the economic totality was yet unimagined, so, too, was the government’s role in directing, managing, and stimulating it.
(Here’s my colleague Larry White’s review of Grant’s book.)
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