“THERE IS NO ONE OUTSTANDING CAUSE OF DEPRESSIONS, UNLESS IT BE SPECULATION”

LIGHTNER, Otto C. The History of Business Depressions. New York: Northeastern, (1922). Octavo, original gilt-stamped burgundy cloth. $1400.

First edition of this authoritative 1922 history of American depressions by Chicago publishing magnate Lightner—a work of ongoing value for having “usefully summarized” and chronicled the rationale behind cycles of panics, financial crises and depressions (New York Times).

Otto Lightner's important History of Business Depressions is a comprehensive record of 19 major American business depressions from 1795-1921 that also traces economic upheavals back to Roman times. Lightner particularly notes the relationship between panics and financial crashes: "Panics, crises and depressions are often interlocked… As to whether or not a panic will lead to depression depends upon whether its force has broken the credit structure. If the prosperity phase of the cycle has not run its course, and inflation has not reached its height, a panic will have little effect on business in general. If, however, it happens at a time when inflation and speculation have run rampant, and the elasticity of credit has reached its limit, then depression will result because there are no resources at hand to stem the evil effects" (84-5). This is one of the many "important principles Lightner discusses in his book" (Droke, Gold and Financial Crisis). Subsequent economic histories have again and again returned to Lightner, noting that throughout History of Business Depressions, he detailed and "usefully summarized" the rationale behind panics and depressions (New York Times). Evidence of bookplate removal.

Tiny bump to rear board and only slightest rubbing to extremities. A handsome copy in near-fine condition.