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Great Myths of the Great Depression

Great Myths of the Great Depression

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Published by: ojvpuce on Jun 29, 2009
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Mackinac Center for Public Policy| 
Great Myths of the Great Depression
 
GreatMyths
of the
GreatDepression
b Lawrene W. Reed
“HERBERT HOOVERbelieved government shold plano role in the eonom.”“GOVERNMENT PROGRAMShelped lower nemploment bptting man Amerians to work.”“FRANKLIN ROOSEVELT’S‘New Deal’ saved Ameria from thefailre of free-market apitalism.”
T a r yth ar dpl by t fct in t y by oms 
Lawrc W. Re 
 
Mackinac Center for Public Policy| 
Great Myths of the Great Depression  
 
Mackinac Center for Public Policy| 
Great Myths of the Great Depression
 
 s
uen oay ae oen iven a kewe aoun o he Gea Deeion o 1929-1941 ha onemn ee-make aiaim a he aue o, an omoe ovenmen inevenion a he ouion o, he eonomihahi o he ea. In hi eay ae on a oua eue, Makina Cene o Pubi Poiy PeienLawene Ree eunk he onveniona view an ae he ena oe ha oo ovenmen oiy ayein oein hi eenay aaohe.ive eonomi onacion ouou a any momen, wihouwanin, wihou aue. Ta eaha een exoie eve ine ahe majo juiaion o viualy unimie eea inevenion ineonomi aai.”
1
O myh neve ie; hey jukee howin u in eonomi an oiia iene exook. Wihony an oaiona exeion, i ihee you wil n wha may ehe wenieh enuy’ eaemyh:
Caitai an the fee-a-ket eonoy wee eonibe fo theGeat Depesion, an ony goen-ent inteention ought aout  Aeia’ eonoi eoey.
A MODERN FAIRy TALE
Aoin o hi imii e-eive, an imoan ila o a-iaim, he ok make, ahean age Ameia ino ee-ion. Peien Hee Hoove, anavoae o “han-o,” o
aisez- faie
 , eonomi oiy, eue oue he owe o ovenmen anoniion woene a a eu.I wa u o Hoove’ ueo,Fankin Deano Rooeve, oie in on he whie hoe o ov-enmen inevenion an eehe naion owa eovey. Teapaen eon o e awn iha aiaim anno e ue; ovenmen nee o ake an aciveoe in he eonomy o ave u omineviabe eine.Bu hoe who oaae hi ve-ion o hioy mih ju a welo o hei emak y ayin,An Goiok oun he way ouo he oe, Doohy mae i omOz ak o Kana, an Lite ReRiin Hoo won he New Yok Sae Lotey.” Te oua aouno he Deeion a ouine aove eon in a ook o aiy ae anno in a eiou iuion o eo-nomi hioy.
THE GREAT, GREAT,GREAT,GREAT DEPRESSION
o oey unean he eveno he ime, i i aualy apoi-ae o view he Gea Deeiona no one, u
 fou 
oneuiveownun ole ino one. Teeou “hae” ae:
2
I. Moneay Poiy an heBuine CyeII. Te Diineaion o he Wo Eonomy III. Te New DeaIV. Te WaneA
Great Myths 
of the
 Great Depression
 b Lawrene W. Reed
THE GREAT DEPRESSION devastated ever partof Ameria, even its smallest towns .
INTRODucTION
Many voume have een witenaou he Gea Deeion o 1929-1941 an i ima on heive o milion o Ameian.Hioian, eonomi, an oii-ian have al ome he wekaeeahin o he “bak ox” hawil evea he aue o he aamiy.Sady, al oo many o hem eieo aanon hei eah, nin ieaie eha o iuae a hoo ae an hamu onuionaou he even o even eaeao. Conequeny, many eoeoay oninue o ae iiqueo ee-make aiaim ha aeunjuiie an uo oven-men oiie ha ae eonomialy euive.How a wa he Gea Dee-ion? Ove he ou yea om1929 o 1933, ouion a henaion’ aoie, mine, an uii-ie el y moe han ha. Peoe’ea ioabe inome ope28 een. Sok ie olaeo one-enh o hei e-ahheih. Te nume o unemoyeAmeian oe om 1.6 milion in1929 o 12.8 milion in 1933. Oneo evey ou woke wa ou o a jo a he Deeion’ nai, anuy umo o evo immee ohe  ime ine he Civi Wa.“Te ero o he Gea Cah ha een he aiue o exain i,” wieeonomi Aan Reyno. “Peoewee e wih he eein ha ma-

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