I think that’s a record for a tip title length from me. But it’s not my fault, it’s the title of a book. There have been many important events in US history, but there are two that really define our modern world. The first was the Civil War, finally stopping (but not totally ending) slavery in the US and deciding that Federal power would trump State power. The second was the Great Depression. The US change before and after the Great Depression was dramatic. Institutions such as the Securites and Exchange Commission, Social Security and the FDIC were created out of the privations of the Great Depression.
David M. Kennedy’s “The American People in the Great Depression” gives a highly readable, nuanced view of exactly what happened from the 1929 stock market crash to the eve of World War II. To understand our financial world, you need to understand the Great Depression. Former Federal Reserve Chairman Ben Bernanke was a real student of the Great Depression, and it was the guiding force behind everything he did as Fed Chairman during the 2008 crisis.
“The American People in the Great Depression” (or if you prefer, you can get “Freedom From Fear” which also included Kennedy’s history of World War II), is among the 5 best books I’ve ever read. If you’re interested, it’s worth a read.