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didn't see much about capitalism vs. socialism in the body of the article
The '''Great Depression''' was a severe, worldwide economic downturn which lasted from 1929 until around the beginning of [[World War II]] in the early 1940s.
The '''Great Depression''' was a severe, worldwide economic downturn which lasted from 1929 until around the beginning of [[World War II]] in the early 1940s.
Advocates of different economic systems have traded blame for the depression. Socialists tend to call it a failure of the [[free market]] system, while advocates of [[free market]]s blame the depression on government efforts to transform the U.S. economy into [[Socialism]].
Advocates of different economic systems have traded blame for the depression.
*As documented so well by free-market economists Ludwig von Mises, Friedrich Hayek, and Murray Rothbard, during the 1920s, the Federal Reserve Board, exercising its power to expand the money supply, caused an inflationary binge — an action which created a false aura of prosperity. When the political authorities — faced with this inflationary threat and restrained by the gold standard — finally ceased the monetary expansion near the end of the decade, the inevitable economic hangover was reflected in the 1929 stock market crash and in generally depressed economic conditions. In other words, contrary to the indoctrination which the American people have received from their political authorities, the Great Depression was not the failure of America's free-enterprise system — it was the failure of political manipulation of money and credit.
*As documented so well by free-market economists Ludwig von Mises, Friedrich Hayek, and Murray Rothbard, during the 1920s, the Federal Reserve Board, exercising its power to expand the money supply, caused an inflationary binge — an action which created a false aura of prosperity. When the political authorities — faced with this inflationary threat and restrained by the gold standard — finally ceased the monetary expansion near the end of the decade, the inevitable economic hangover was reflected in the 1929 stock market crash and in generally depressed economic conditions. In other words, contrary to the indoctrination which the American people have received from their political authorities, the Great Depression was not the failure of America's free-enterprise system — it was the failure of political manipulation of money and credit.