Great Myths of the Great Depression

Great Myths of the Great Depression

Students today are often given a false account of the Great Depression of 1929-1941 that condemns free-market capitalism as the cause of, and government intervention the solution to, the economic hardships of the era. In this essay based on a popular lecture, Mackinac Center for Public Policy President Lawrence Reed debunks the conventional view and traces the central role that poor government policy played in fostering this legendary tragedy.

Interesting article
http://www.mackinac.org/article.asp?ID=4013

I read this article today. It was enlightening to say the least. A depression within a depression must have been terrible for ordinary citizens, and those who were investing.

I always believed it was just a stockmarket crash and that was the cause of the depression. Yet, it was just a symptom or aspect of it. It's interesting to note the market corrected itself during the depression, but not to levels it had peaked at, and then subsequent falls.

Very interesting!

Thanks Wayne,

very interesting article, I'll probably need to read it again to fully digest it all.

Rod.

wayneL said:

Great Myths of the Great Depression

Students today are often given a false account of the Great Depression of 1929-1941 that condemns free-market capitalism as the cause of, and government intervention the solution to, the economic hardships of the era. In this essay based on a popular lecture, Mackinac Center for Public Policy President Lawrence Reed debunks the conventional view and traces the central role that poor government policy played in fostering this legendary tragedy.

Interesting article
http://www.mackinac.org/article.asp?ID=4013

Click to expand...

Interesting indeed. Especially as the politest term I can find for this introduction is "spin". I don't know which students are "often" given an account of the Great Depression that "condemns... government intervention [as] the solution", but even those who get this so-called "false account" surely don't get it as the only possible explanation.

I agree that the article is interesting and a good presentation of a different politico-economic view than those the introduction misrepresents. However, the author is present of a thinktank with strong links to the Republican Party, and the article needs to be read within the context of current political discussion in the USA.

Now, to important matters. Has anyone seen Revenge of the Sith yet?

Ghoti

>>>>Interesting indeed. Especially as the politest term I can find for this introduction is "spin". I don't know which students are "often" given an account of the Great Depression that "condemns... government intervention [as] the solution", but even those who get this so-called "false account" surely don't get it as the only possible explanation.<<<<<

Ghoti,

Every author has an agenda mate, even you, even me.

Our job is to balance it all out in our heads and form a conclusion based on what subjecrive "truths" we believe.

wayneL said:

Ghoti,

Every author has an agenda mate, even you, even me.

Our job is to balance it all out in our heads and form a conclusion based on what subjecrive "truths" we believe.

Click to expand...

Not ME Mate!! My only interest is The Truth <heh heh heh>

You're right of course. I guess this one flicked me on the raw a bit because of its implications for current ussues.

Cheers,

Ghoti