THE GREAT CONTRACTION

W. Spencer Kocher

Economic Affairs, 2006, vol. 26, issue 3, 70-73

Abstract: Many historians in the United States (and many teachers in US high schools and colleges) still attribute the Great Depression to the following: the breakdown of capitalism; excessive reliance on laissez‐faire policies; inequality of wealth; overproduction and stock market speculation. These purported causes led to the implementation of the New Deal: well‐intended, but ultimately ineffective, policies that actually prolonged the duration of the depression. A retrospective analysis of the actions taken by the Federal Reserve, in fact, demonstrate that the Great Depression was caused, in large part, by a massive contraction of the money supply.

Date: 2006
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