Years ago, it became established that the severity and length of the Great Depression were due largely to misguided Federal Reserve monetary policy and the resulting catastrophic bank failures. This result is confirmed by surveys of scholars in the area and books specifically written on economic history. Yet the leading textbooks used in high…

History matters. It matters not only because people can learn from the past, but because the present and the future are connected to the past by the continuity of a society's institutions. Today and tomorrow's choices are shaped by the past. And the past can be made intelligible only as a story of institutional evolution. This story focuses on the…