• The 1920-1921 depression was a textbook example of how to handle an economic downturn

    The 1920-1921 depression was a textbook example of how to handle an economic downturn

    When it comes to diagnosing the causes of the Great Depression and prescribing cures for our present recession, the pundits and economists from the biggest schools typically argue about two different types of intervention. Big-government Keynesians, such as Paul Krugman, argue for massive fiscal stimulus—that is, huge budget deficits—to fill the gap in aggregate demand. …
  • Why Did Roosevelt's New Deal Spending Fail to Lift the American Economy?

    Why Did Roosevelt's New Deal Spending Fail to Lift the American Economy?

    The Great Depression of the 1930s was by far the greatest economic calamity in U.S. history. In 1931, the year before Franklin Roosevelt was elected president, unemployment in the United States had soared to an unprecedented 16.3 percent. In human terms that meant that over eight million Americans who wanted jobs could not find them. …
  • What Caused the Great Depression?

    What Caused the Great Depression?

    The definitive guide to the key events and policies that caused the Great Depression. Few areas of historical research have provoked such intensive study as the causes of America’s Great Depression—and for good reason. Tens of millions of humans suffered intense misery and despair. How bad was the Great Depression? The dimensions of the economic …
  • Coronavirus may lead to worst global recession since Great Depression: IMF

    Coronavirus may lead to worst global recession since Great Depression: IMF

    The coronavirus pandemic will plunge the global economy into its worst recession since the Great Depression, the International Monetary Fund predicted Tuesday. The fund expects the world economy to contract by 3 percent in 2020 as measures meant to stop the virus freeze economic activity around the world. That’s a much steeper drop than 2009, …
  • What you need to know about Great Depression

    What you need to know about Great Depression

    The definitive guide to the key events and policies that caused the Great Depression. ew areas of historical research have provoked such intensive study as the causes of America’s Great Depression—and for good reason. Tens of millions of humans suffered intense misery and despair. How bad was the Great Depression? The dimensions of the economic …
  • Media Are Still Peddling One of the Great Myths of the Great Depression

    Media Are Still Peddling One of the Great Myths of the Great Depression

    The “Hoover did nothing and FDR saved us” fairy tale is the myth that refuses to die. Former Defense Secretary Donald Rumsfeld once cautioned newcomers to learn from those who held the same positions before. “Try to make original mistakes rather than needlessly repeating theirs,” he said. Was Hoover an Innocent Bystander?  Harry Kazianis should …