The Great Depression Essay by The Research Group

The Great Depression
A presentation of two divergent interpretations of the causes for the Great Depression. It reviews factors including: the Wall Street Crash, banking crisis and policy of monetary contraction after 1930.
# 19179 | 1,575 words | 8 sources | 1992 | US
Published on Mar 04, 2003 in History (U.S. The 1930's - Great Depression)


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Introduction
When discussing the cycle of boom and bust which occurred in the United States in the 1920s and 1930s one is dealing with at least two differing interpretations of economic reality. The first interpretation tends to assert that the depression of the 1930s owed little to the Wall Street Crash. This view argues that there were two main culprits that caused the downturn; a banking crisis and the drastic monetary contraction that took place after 1930 which allegedly was to have been caused by an overly tight monetary policy following the crash (Friedman and Schwartz, 1963). The attractive aspect of this theory is that it implies that the savage deflation and depression of the 1930s was merely the cause of a policy mistake. All that would have been required to correct it, therefore, would have been a

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