Everyone knows about the Great Depression that kicked off with the 1929 stock market crash. However, the crash of 1921 was much worse. Why is it that the 1921 crash is ignored by economists and historians? For one, it was not a “great” depression. The depression of 1921 was over in a year, while the depression of 1929 raged for over a decade. There are a multitude of reasons for this, and James Grant tackles the causes in this book.