The panic inspired by the recent financial crisis was fueled by an incomplete understanding of economic history. In a free market system, financial downturns inevitably accompany economic prosperity-but the overall trend is upward progress in living standards and wealth.

In Boom and Bust, Alex J. Pollock argues that the free market, despite its ups and downs, offers greater opportunities for growth than any other economic system-including gains in health and longevity, better jobs, broader access to education, and individual liberty.

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