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I have always been intrigued by the enigma of the Great Depression, perhaps because my parents often told tales of their experience of the 1930s in drought-stricken western Canada. Only in the late 1980s, though, did I begin to develop the theoretical approach of this book. I was helped at an early stage by a paper presentation at Northwestern University, and the lengthy conversations with Joel Mokyr and Lou Cain which that entailed.