“The mighty Merchandise Mart and the Ceres-topped Chicago Board of Trade Building (both completed in 1930) were among the last of the city’s ambitious projects to touch the sky before the long lull that followed. After the Great Crash of 1929, the ‘30s and ‘40s belonged to depression and war. In place of innovation, industry and the pursuit of beauty came destruction, demolition and the reckoning of debts long due.”
If you haven’t already read Mark Thornton’s “The Skyscraper Curse” (2018), you may download it free from the Mises Institute website. The pdf version can be found at https://bit.ly/3Ig2YNk. Thornton is an economist of the Austrian school. Here is a passage from his book’s “Introduction”:
“Skyscrapers are essentially part of the boom phase of the cycle. The cause of both is artificially very low interest rates and artificially very easy credit conditions. This cause results in new record-breaking skyscrapers, a boom in the economy, and eventually a substantial economic crisis — the skyscraper curse.”
Given the recent boom in building very tall buildings in New York City, it appears that Thornton’s thesis may soon get vindicated again.
I always look forward to reading your essays—even those that paint pictures of the economic and social catastrophes that surely lie ahead.
Joel, you write:
“The mighty Merchandise Mart and the Ceres-topped Chicago Board of Trade Building (both completed in 1930) were among the last of the city’s ambitious projects to touch the sky before the long lull that followed. After the Great Crash of 1929, the ‘30s and ‘40s belonged to depression and war. In place of innovation, industry and the pursuit of beauty came destruction, demolition and the reckoning of debts long due.”
If you haven’t already read Mark Thornton’s “The Skyscraper Curse” (2018), you may download it free from the Mises Institute website. The pdf version can be found at https://bit.ly/3Ig2YNk. Thornton is an economist of the Austrian school. Here is a passage from his book’s “Introduction”:
“Skyscrapers are essentially part of the boom phase of the cycle. The cause of both is artificially very low interest rates and artificially very easy credit conditions. This cause results in new record-breaking skyscrapers, a boom in the economy, and eventually a substantial economic crisis — the skyscraper curse.”
Given the recent boom in building very tall buildings in New York City, it appears that Thornton’s thesis may soon get vindicated again.
I always look forward to reading your essays—even those that paint pictures of the economic and social catastrophes that surely lie ahead.
Thanks for the recommendation and the kind words. Interesting thesis, and one that would seem to make sense. Fodder for future musings. Cheers!
Having just returned from Chicago, and reveling in the memories of said boat tour, this piece hits particularly close to home. Well done.
Surely one of the best city tours going. Glad you enjoyed it!
So very enjoyable to read, well done and thank you
Thank you, kind reader. Until next week…