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Spelling, grammar, and general cleanup, typos fixed: 1931-33 → 1931–33 (6)
In historical terms, the "lessons" of the Great Depression have been applied to preventive measures, and in the [[Financial Crisis of 2008]], helped determine what remedies to apply.
In historical terms, the "lessons" of the Great Depression have been applied to preventive measures, and in the [[Financial Crisis of 2008]], helped determine what remedies to apply.
===Milton Friedman===
===Milton Friedman===
Friedman argues that the depression began as a normal cyclical downturn, but was made much worse when the money supply fell by a third, caused primarily by banking failures in the U.S. The Federal Reserve did not cause the depression, in Friedman's view, but failed to stop those [[bank failure]]s when it could and should have done so in 1931-33. In Friedman's view, the Federal Reserve failed to do precisely what it was created to do, prevent a contraction in the money supply (monetary deflation) and prevent so many bank failures. Economist [[Ben Bernanke]] adopted the Friedman view, and when the [[Financial Crisis of 2008]] hit, Bernanke, as Chairman of the Federal Reserve, made it a central goal to save the major banks using a trillion dollars in cash and credit from the Fed and from the $700 billion TARP program of October 2008 that Congress approved after President [[George W. Bush]] made an urgent appeal.
Friedman argues that the depression began as a normal cyclical downturn, but was made much worse when the money supply fell by a third, caused primarily by banking failures in the U.S. The Federal Reserve did not cause the depression, in Friedman's view, but failed to stop those [[bank failure]]s when it could and should have done so in 1931–33. In Friedman's view, the Federal Reserve failed to do precisely what it was created to do, prevent a contraction in the money supply (monetary deflation) and prevent so many bank failures. Economist [[Ben Bernanke]] adopted the Friedman view, and when the [[Financial Crisis of 2008]] hit, Bernanke, as Chairman of the Federal Reserve, made it a central goal to save the major banks using a trillion dollars in cash and credit from the Fed and from the $700 billion TARP program of October 2008 that Congress approved after President [[George W. Bush]] made an urgent appeal.
===Austrian School===
===Austrian School===
Enforcement of the Antitrust Act was considered as an essential instrument to prevent [[cartel]]s and trusts and combinations in restraint of trade which were supposed to be deadly to the system of free enterprise. During the fall [[United States presidential election, 1932|election of 1932]], Franklin Roosevelt called for strict enforcement of the Antitrust Act as part of his proposed New Deal. Yet immediately upon Roosevelt's election enforcement was suspended in order to cartelize every industry in America on the [[Fascism|Italian corporative model]].
Enforcement of the Antitrust Act was considered as an essential instrument to prevent [[cartel]]s and trusts and combinations in restraint of trade which were supposed to be deadly to the system of free enterprise. During the fall [[United States presidential election, 1932|election of 1932]], Franklin Roosevelt called for strict enforcement of the Antitrust Act as part of his proposed New Deal. Yet immediately upon Roosevelt's election enforcement was suspended in order to cartelize every industry in America on the [[Fascism|Italian corporative model]].
In the United States, the depression caused the Republicans to lose the 1932 elections. [[Franklin D. Roosevelt]], a Democrat, was not sure what to do, so he tried many different things at once. The "First New Deal" in 1933 enacted programs to deal with deflation, unemployment relief, the banking crisis, the farm crisis, international trade, and the overall economic [[malaise]]. The "Second Mew Deal" of 1934-35 involved a shift to the left, promoting labor unions, enacting Social Security, and nationalizing relief. Conservatives vigorously opposed the Second New Deal, but FDR was reelected in a landslide in 1936. In his second term, politics turned sour and only one new program was enacted (the minimum wage), as the economy plunged downward again in 1937-38. Full recovery came as the US rearmed for World War II.
In the United States, the depression caused the Republicans to lose the 1932 elections. [[Franklin D. Roosevelt]], a Democrat, was not sure what to do, so he tried many different things at once. The "First New Deal" in 1933 enacted programs to deal with deflation, unemployment relief, the banking crisis, the farm crisis, international trade, and the overall economic [[malaise]]. The "Second Mew Deal" of 1934-35 involved a shift to the left, promoting labor unions, enacting Social Security, and nationalizing relief. Conservatives vigorously opposed the Second New Deal, but FDR was reelected in a landslide in 1936. In his second term, politics turned sour and only one new program was enacted (the minimum wage), as the economy plunged downward again in 1937–38. Full recovery came as the US rearmed for World War II.
== Recovery ==
== Recovery ==
* Himmelberg; Robert F. ed ''The Great Depression and the New Deal'' (2001), short overview
* Himmelberg; Robert F. ed ''The Great Depression and the New Deal'' (2001), short overview
* Howard, Donald S. ''The WPA and Federal Relief Policy'' (1943) [http://www.questia.com/library/book/the-wpa-and-federal-relief-policy-by-donald-s-howard.jsp online edition]
* Howard, Donald S. ''The WPA and Federal Relief Policy'' (1943) [http://www.questia.com/library/book/the-wpa-and-federal-relief-policy-by-donald-s-howard.jsp online edition]
* Jensen, Richard J. "The Causes and Cures of Unemployment in the Great Depression," ''Journal of Interdisciplinary History'' 19 (1989) 553-83. [http://www.jstor.org/pss/203954 online at JSTOR]
* Jensen, Richard J. "The Causes and Cures of Unemployment in the Great Depression," ''Journal of Interdisciplinary History'' 19 (1989) 553–83. [http://www.jstor.org/pss/203954 online at JSTOR]
* Kennedy, David. ''Freedom from Fear: The American People in Depression and War, 1929-1945'' (1999), wide-ranging survey by leading scholar; [http://www.questia.com/PM.qst?a=o&d=52284041 online edition]
* Kennedy, David. ''Freedom from Fear: The American People in Depression and War, 1929-1945'' (1999), wide-ranging survey by leading scholar; [http://www.questia.com/PM.qst?a=o&d=52284041 online edition]
* Klein, Maury. ''Rainbow's End: The Crash of 1929'' (2001) by economic historian [https://www.amazon.com/Rainbows-End-Pivotal-Moments-American/dp/0195158016/ref=sr_1_1?ie=UTF8&s=books&qid=1194983913&sr=8-1 excerpt and text search]
* Klein, Maury. ''Rainbow's End: The Crash of 1929'' (2001) by economic historian [https://www.amazon.com/Rainbows-End-Pivotal-Moments-American/dp/0195158016/ref=sr_1_1?ie=UTF8&s=books&qid=1194983913&sr=8-1 excerpt and text search]
* Brown, Ian. ''The Economies of Africa and Asia in the inter-war depression'' (1989)
* Brown, Ian. ''The Economies of Africa and Asia in the inter-war depression'' (1989)
* Davis, Joseph S., ''The World Between the Wars, 1919-39: An Economist's View'' (1974)
* Davis, Joseph S., ''The World Between the Wars, 1919-39: An Economist's View'' (1974)
* Dimsdale, Nicholas H.; Horsewood, Nicholas; and Riel, Arthur Van. "Unemployment in Interwar Germany: an Analysis of the Labor Market, 1927-1936." ''Journal of Economic History'' 2006 66(3): 778-808. Issn: 0022-0507
* Dimsdale, Nicholas H.; Horsewood, Nicholas; and Riel, Arthur Van. "Unemployment in Interwar Germany: an Analysis of the Labor Market, 1927-1936." ''Journal of Economic History'' 2006 66(3): 778–808. Issn: 0022-0507
* Feinstein. Charles H. et al. ''The European economy between the wars'' (1997) [https://www.amazon.com/European-Economy-between-Wars/dp/0198774818/ref=sr_1_1?ie=UTF8&s=books&qid=1204423450&sr=8-1 excerpt and text search]
* Feinstein. Charles H. et al. ''The European economy between the wars'' (1997) [https://www.amazon.com/European-Economy-between-Wars/dp/0198774818/ref=sr_1_1?ie=UTF8&s=books&qid=1204423450&sr=8-1 excerpt and text search]
* Garraty, John A. ''The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History'' (1986)
* Garraty, John A. ''The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History'' (1986)
* Kindleberger, Charles P. ''The World in Depression, 1929-1939'' (1986) [https://www.amazon.com/Depression-1929-1939-Revised-Enlarged-Twentieth/dp/0520055926/ref=sr_1_2?ie=UTF8&s=books&qid=1204423250&sr=8-2 excerpt and text search]
* Kindleberger, Charles P. ''The World in Depression, 1929-1939'' (1986) [https://www.amazon.com/Depression-1929-1939-Revised-Enlarged-Twentieth/dp/0520055926/ref=sr_1_2?ie=UTF8&s=books&qid=1204423250&sr=8-2 excerpt and text search]
* League of Nations, ''World Economic Survey 1932-33'' (1934)
* League of Nations, ''World Economic Survey 1932-33'' (1934)
* Loh, Kah Seng. "New Winds in Economic History? A Look at Writings on the Great Depression in Southeast Asia." ''Crossroads 2006'' 17(2): 66-92. Issn: 0741-2037
* Loh, Kah Seng. "New Winds in Economic History? A Look at Writings on the Great Depression in Southeast Asia." ''Crossroads 2006'' 17(2): 66–92. Issn: 0741-2037
* Madsen, Jakob B. "Trade Barriers and the Collapse of World Trade during the Great Depression"' ''Southern Economic Journal'', Vol. 67, 2001 [http://links.jstor.org/sici?sici=0038-4038(200104)67%3A4%3C848%3ATBATCO%3E2.0.CO%3B2-Q in JSTOR]
* Madsen, Jakob B. "Trade Barriers and the Collapse of World Trade during the Great Depression"' ''Southern Economic Journal'', Vol. 67, 2001 [http://links.jstor.org/sici?sici=0038-4038(200104)67%3A4%3C848%3ATBATCO%3E2.0.CO%3B2-Q in JSTOR]
* Madsen, Jakob B. "The Length and the Depth of the Great Depression: an International Comparison." ''Research in Economic History'' 2004 22: 239-288. Issn: 0363-3268
* Madsen, Jakob B. "The Length and the Depth of the Great Depression: an International Comparison." ''Research in Economic History'' 2004 22: 239–288. Issn: 0363-3268
* Mundell, R. A. "A Reconsideration of the Twentieth Century' "The American Economic Review" Vol. 90, No. 3 (Jun., 2000), pp. 327–340 [http://links.jstor.org/sici?sici=0002-8282(200006)90:3%3C327:AROTTC%3E2.0.CO%3B2-8 in JSTOR]
* Mundell, R. A. "A Reconsideration of the Twentieth Century' "The American Economic Review" Vol. 90, No. 3 (Jun., 2000), pp. 327–340 [http://links.jstor.org/sici?sici=0002-8282(200006)90:3%3C327:AROTTC%3E2.0.CO%3B2-8 in JSTOR]
* Romer, Christina D. "The Nation in Depression," ''The Journal of Economic Perspectives,'' Vol. 7, No. 2. (Spring, 1993), pp. 19–39. major survey by leading economist, with comparisons to other nations [http://links.jstor.org/sici?sici=0895-3309%28199321%297%3A2%3C19%3ATNID%3E2.0.CO%3B2-7 in JSTOR]
* Romer, Christina D. "The Nation in Depression," ''The Journal of Economic Perspectives,'' Vol. 7, No. 2. (Spring, 1993), pp. 19–39. major survey by leading economist, with comparisons to other nations [http://links.jstor.org/sici?sici=0895-3309%28199321%297%3A2%3C19%3ATNID%3E2.0.CO%3B2-7 in JSTOR]