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The Great Contraction

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  • W. Spencer Kocher

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.

Suggested Citation

  • W. Spencer Kocher, 2006. "The Great Contraction," Economic Affairs, Wiley Blackwell, vol. 26(3), pages 70-73, September.
    • Handle: RePEc:bla:ecaffa:v:26:y:2006:i:3:p:70-73
    DOI: 10.1111/j.1468-0270.2006.00653.x
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    References listed on IDEAS

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    1. Milton Friedman & Anna Jacobson Schwartz, 1965. "Introduction to "The Great Contraction, 1929–33"," NBER Chapters, in: The Great Contraction, 1929–33, pages 1-5, National Bureau of Economic Research, Inc.
    2. Milton Friedman & Anna J. Schwartz, 1965. "The Great Contraction, 1929–33," NBER Books, National Bureau of Economic Research, Inc, number frie65-1.
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