What Caused the Great Depression?
In American economic history, no event is a more profound influence or quintessential watershed than the Great Depression. Tainting the presidencies of Herbert Hoover and Franklin D. Roosevelt , the Great Depression weighed down the US and its financial status for 11 agonizing years, beginning in 1929 and ending in 1941. Obviously, this era of profound monetary melancholy did not go on unnoticed. It catalyzed a profound shift in the nature of American economic and financial life, particularly in terms of corporate regulation and federal fiscal policy. Even Hoover, a student of the laissez-faire school of economic thought that would birth Murray Rothbard, Ludwig Van Mises, and Friedrich Hayek, had to embrace a more interventionist approach to cope with the Great Depression. However, as even the US history layman knows, the regulations signed by Hoover paled in comparison to those supported by FDR. Roosevelt launched the New Deal, in which the federal government began a project of unpr