To properly understand the events of the time, it is factually appropriate to view the Great Depression as not one, but four consecutive downturns rolled into one. These four "phases" are:[2]

I. Monetary Policy and the Business Cycle

II. The Disintegration of the World Economy

III. The New Deal

IV. The Wagner Act

The first phase covers why the crash of 1929 happened in the first place; the other three show how government intervention worsened it and kept the economy in a stupor for over a decade. Let’s consider each one in turn.


Related Articles:

Acton Lecture Series: 'Excuse Me Professor: Challenging the Myths of Progressivism'

Why Can’t Tesla Sell Cars in Michigan?

Win Money at Fantasy Sports, Go to Jail

Thanksgiving Dinner More Expensive for Michiganders Than Surrounding States

Former Energy Regulator Says Bill Would Establish Energy Monopoly

Liberty, Prosperity and Humility on Thanksgiving