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The Depression of the Nineties: An Economic History by Charles Hoffman (review)
- The Canadian Historical Review
- University of Toronto Press
- Volume 53, Number 4, December 1972
- p. 474
- Review
- Additional Information
- Purchase/rental options available:
474 THE CANADIAN HISTORICAL REVIEW The Depression of the Nineties:An Economic History.CHARLES HOFX*M^N. Westport, Conn.,Greenwood Publishing, x97x.PP.lvi, 336.$•3.5 o. CharlesHoffman has undertakenin this volume to describeand analyzethe depression of the nineties. His chosen framework is macroeconomic, although he makesan occasional ventureinto the realmof socialhistoryalbeitwith less success. Thisworkoriginated asa ColumbiaPro)thesis in theearly •95os.It hasnot beenrevised but the authorhassuppliedan extendedprefatorynotewhichis intendedto account for recentstudies andmoresophisticated methods of statisticalanalysis . This format,whilesomewhat cumbersome, mayprovidea means of rehabilitatingthe forgottenbut worthy thesis. Professor Hoffman usesthe opportunity to re-examine hisoriginaleffort,andwhilehenot surprisingly concludes thathismajorfindings havestoodthetestof time,he nevertheless points out several weaknesses. Hoffman'sconclusion isthat the depression arosefrom the dislocation caused by thetransition of the Americaneconomy from an agricultural-industrial base to an industrial-manufacturing base.He dismisses the monetaryexplanations, arguingthatthemoney supply wasneithertoolittlenortoomuchbut hadgrown in accord with nationalwealthandmanufacturing output.Asfor theimmediate causes, Hoffman locatesa declinein investment in construction and railroads whichretardedeconomic growthand startedthe cycleon its downwardtrend. Whenhe turnsto theeffects of the depression, theauthorsupplies someuseful materialfor the moresocially orientedhistorian.For instance, he findsthat the depression caused no sharpdeclinein wageratesand that the real incomes of employed wageearners rose asprices declined. He might,however, haveemphasizedthat onlythe regularlyemployed madesuchgains.Hoffman alsoworks through thedataavailable ontheextentofunemployment, judiciously weighing his sources, and concludes that a •7-•9 per centunemployment ratio seems likelytohaveoccurred in thewinterof •893-4, thedepression trough. Americanhistorians workingin the nineties will find thisbookto be a useful source of statistical data and a readableintroductionto the economic problems of the era. STEPHEN J. SCI-IEINBERG Sir GeorgeWilliamsUniversity The Other Cali[ornians:Prejudiceand DiscriminationunderSpain,Mexico, andtheUnitedStates to•9•o. •tO,RTF.aEXZER andA•.aN J.•.MQuxST. Berkeley, University of CaliforniaPress, I97X.Pp.ix, 378,illus.$7.95. The Indispensable Enemy:LaborandtheAnti-Chinese Movementin Cali[ornia. •.EX•DER S^XTO•.Berkeley, Universityof CaliforniaPress,x97x.Pp. x, 393. $8.5o. Racism, smugand ugly,marsthe scene in modernCalifornia.This prejudice surfaced in •964in thelandslide voteto outlawall futureaswellasexisting fair ...