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The Great Depression

MARCH 01, 2013

The Great Depression was a global economic downturn that endured from 1929 to 1941. The initial downturn began soon after central banks tightened the money supply in 1928. As national governments increased their central banks’ gold stock, an international gold deflation depressed prices and increased economic volatility. After the initial dip, the economy remained sluggish as central banks continued to enact inflationary monetary policy and governments expanded expenditures and regulations. The unpredictability of these policies discouraged entrepreneurial activity and prolonged the Great Depression.

 

Cato Institute: Amity Shlaes - A New History of the Great Depression

 

Future of Freedom Foundation: Lawrence Reed - Lessons from the Great Depression

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