Debt Defaults Rise

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.