The Great Depression: Context and Economic Orthodoxy

The 1930s Great Depression was a cataclysmic economic crisis. By 1932–33 industrial output and trade had collapsed worldwide, unemployment soared (over 20% in the US at its peak) and thousands of banks failed.  Traditional “classical” economics – with its faith in self-correcting markets and the gold standard – had offered no relief. In fact, economists … Continue reading The Great Depression: Context and Economic Orthodoxy