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Debt Defaults Rise examines the widespread debt defaults in the United States during the Great Depression, specifically focusing on municipal and farm debt. By 1934, these sectors faced systemic failures, revealing vulnerabilities within the nation's economic structure. The book argues that defaults were not isolated incidents but rather systemic failures rooted in flawed financial practices. For instance, municipalities, burdened by infrastructure investments from the 1920s and crippled by declining tax revenues, struggled to meet obligations. The book highlights how understanding these historical defaults is crucial for informing contemporary policy decisions related to debt management.
The book progresses by first establishing the historical context, detailing the economic conditions leading up to the Great Depression, including the expansion of credit and speculative bubbles. It then analyzes the causes and consequences of municipal and farm debt defaults through case studies. Finally, it assesses the long-term impact of these defaults and the New Deal era policy responses.
The analysis draws on various primary and secondary sources, including municipal financial records and farm foreclosure data, creating a quantitative assessment alongside qualitative narratives, offering a comprehensive account of this pivotal period.
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