The Great Depression Was The Single Most Devastating...

The Great Depression was the single most devastating economic catastrophe that had resounding effects and consequences on people all over the world. Did the various expansionary monetary policies employed by the Fed help the US pull out of the Great Depression during the Hoover administration? What was done differently after Roosevelt became president? Many economists and historians have argued that the misguided monetary policies during the Hoover administration including the mistiming of interest hike, allowance of the decrease in national money supply and reluctance in expansionary monetary policies due to the maintenance of the gold standard were contributive to the length and severity of the Great Depression. Several estimates from various models have suggested that the mistakes made in the monetary policies during the same period contributed to around 20 to 70% of the decline in real output during the Hoover administration (Fishback, 2010, pg 386). After the Roosevelt administr ation took control in 1933, recovery began primarily due to the abandonment of the gold standard and the appointment of Eugene Black as the Chair of the Federal Reserve. This argument is backed by numerous case studies, economic models, and research papers. Researching these two questions would provide a deeper insight into some of the monetary policies implemented today and also make sure that history doesn’t repeat itself. Facts presented below supports the argument on how the Fed’s monetaryShow MoreRelatedAlthough there has not been a consensus on an exact causation —due to its global nature—there has600 Words   |  3 Pagescrisis (the Great Depression), many scholars acknowledge that before this cataclysm struck, the preceding economy did in fact experience a â€Å"boom† period. Most critics are also in accordance that the trigger of this crisis had to involve the subprime mortgage bubble—which collapsed in the United States—how ever, that alone could not represent the exact causality of this crisis. Just as in the Great Depression, there were a variety of contributing factors that resulted in this financial catastrophe. DespiteRead MoreThe Legacy Of The Great Depression864 Words   |  4 Pagesenjoyed many incredible expansions and economic booms with little recourse, for the most part. These prosperous times have often been in the wake of the most devastating of times for other nations. However, even a nation as wealthy and strong as the United States could not escape the incredible grip of the Great Depression. No other economic collapse has ever been as severe or as impactful as the Stock Market crash of 1929. 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