Wednesday, July 21, 2010

Herbert Hoover and the Great Depression


The Politically Incorrect Guide to American History

The Wall Street collapse of September–October 1929 and the Great Depression which followed it were among the most important events of the twentieth century. They made the Second World War possible, though not inevitable, andby undermining confidence in the efficacy of the market and the capitalist system, they helped to explain why the absurdly inefficient
and murderous system of Soviet communism survived for so long. Indeed, it could be argued that the ultimate emotional and intellectual consequences of the Great Depression were not finally erased from the mind of humanity until the end of the 1980s, when the Soviet collectivist alternative to capitalism crumbled in hopeless ruin and the entire world accepted there was no substitute for the market.

Granted the importance of these events, then, the failure of historians to explain either their magnitude or duration is one of the great mysteries of modern historiography.-From America’s Great Depression by Murray N. Rothbard

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