How an Economy Grows and Why It Crashes

Library of Congress Cataloging-in-Publication Data:
ISBN 978-0-470-52670-5
Printed in the United States of America
10   9   8   7   6   5   4   3   2   1

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To my father Irwin Schiff and fathers 
everywhere who tell stories to their sons, and to 
my son Spencer and sons everywhere who pass 
them on to subsequent generations.
—Peter
To Irwin for the logic, Ellen for the care and 
support, Ethan for the enthusiasm, Eliza for 
the wonder, and Paxton for the home (maybe 
one day we’ll get the hearth). 
—Andrew

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vii
DISCLOSURE 
viii
AUTHOR’S NOTE  ix
INTRODUCTION 
xi
C H A P T E R
   
1  AN IDEA IS BORN  1
C H A P T E R
   
2  SHARING THE WEALTH  13
C H A P T E R
   
3  THE MANY USES OF CREDIT  27
C H A P T E R
   
4 ECONOMIC EXPANSION  37
C H A P T E R
   
5  PROSPERITY LOVES COMPANY  47
C H A P T E R
   
6  PUT IT IN THE VAULT  63
C H A P T E R
   
7  INFRASTRUCTURE AND TRADE  77
C H A P T E R