From Prosperity to Poverty: The Story of American Economic Decline During the 1920s

This paper engages the historiography on the causes of the Great Depression, especially significant events leading up to the collapse of the banking system in 1933. Many historians label the stock market crash of 1929 as the catalyst to the economic downturn that began in late 1929, and continued we...

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Veröffentlicht in:	The journal of applied business and economics 2013-06, Vol.14 (4), p.79
Hauptverfasser:	Witcher, Marcus M, Horton, Joseph
Format:	Artikel
Sprache:	eng
Schlagworte:	Bank failures Banking industry Branch banking Economic conditions Electric rates Farm income Federal Reserve monetary policy GNP Great Depression Gross National Product Income taxes Legislation Political appointments Poverty Presidents Prosperity Regional banks Rural areas Tax rates Taxation Union membership World War I
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Beschreibung
Zusammenfassung:	This paper engages the historiography on the causes of the Great Depression, especially significant events leading up to the collapse of the banking system in 1933. Many historians label the stock market crash of 1929 as the catalyst to the economic downturn that began in late 1929, and continued well into the thirties. This paper, however, argues that the Federal Reserve's policies throughout the twenties caused the Depression. Easy money created malinvestment and poor monetary policies in 1928 along with legislative restrictions on branch banking led to monetary contractions, bank failures and ultimately the depression. [PUBLICATION ABSTRACT]
ISSN:	1499-691X