The Federal Reserve and the Great Depression
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This paper finds that the Federal Reserve largely failed to respond to the crisis of the Great Depression. Relying largely on the work of Milton Friedman and Anna Jacobson Schwartz, the leading analysis of the Federal Reserve's actions, this esay concludes that if the Federal Reserve had intervened in the economy in a timely manner, much of the worst of the suffering of the Depression would have been avoided. It finds that the defense of the Federal Reserve largely consists of two schools, a social Darwinism that say no intervention is ever appropriate, and an apologist school that cites constraints, most of which are more imaginary than real.
From the Paper:"In the Great Depression, the greatest economic engine in the world fell nearly prostrate, and when on a chill morning in March 1933, the new President announced that "we have nothing to fear but fear itself," many people realized that there were many things to be feared (Leutchenberg 41-42). Since the Depression, economists have asked if and to degree the Federal Reserve System was responsible for the Great Depression. This essay will consider the degree to which the Federal Reserve can or should be blamed for the Depression."
Cite this Analytical Essay:
The Federal Reserve and the Great Depression (2007, December 01) Retrieved September 24, 2023, from https://www.academon.com/analytical-essay/the-federal-reserve-and-the-great-depression-134558/
"The Federal Reserve and the Great Depression" 01 December 2007. Web. 24 September. 2023. <https://www.academon.com/analytical-essay/the-federal-reserve-and-the-great-depression-134558/>