An entire nation, it seemed, was standing in one long breadline, desperate for even the barest essentials. It was a crisis of monumental proportions. It was known as the Great Depression.
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The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds of war gathering ominously in the background... For my money, few periods are so replete with human interest.
The Great War proved how confused the world is. Depression is proving it again.
The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.
I've always been interested in the Depression as this very dramatic pivotal period in American history.
America had been a boom-and-bust economy going into the Great Depression - just over and over and over, fortunes were wiped out, ordinary families were crushed under it.
Understanding the true causes of the Depression, as well as the real economic record of the United States in the 1930s, is an essential ingredient in anyone's economic and historical education.
Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles.
The most striking development of the great depression of 1929 is a profound skepticism of the future of contemporary society among large sections of the American people.
What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.
The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions.
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