The cause of the Great Depression is easy to understand. However, when I ask my students on an exam, they give me answers that they obtained from the web that have inaccuracies. Therefore, I thought it imperative to address the of the Great Depression in a way that would be palatable to students and the intellectually curious. I want to give an answer to the question that has an explanatory value from an academic standpoint but also understandable to everyone. Causes of the Great Depression.
Essays on the Great Depression by Ben S. Bernanke (2004, Trade Paperback)
Essays on the Great Depression by Ben S. Bernanke (, Hardcover) for sale online | eBay
In , Ben Bernanke , then a member of the Federal Reserve Board of Governors, acknowledged publicly what economists have long believed. Bernanke, like other economic historians, characterized the Great Depression as a disaster because of its length, depth, and consequences. Industrial production plummeted. Unemployment soared. Families suffered.
Essays on the Great Depression
In the fall of , the economy appeared poised for recovery. The previous three contractions, in , , and , had lasted an average of fifteen months. A rapid and robust recovery was anticipated.
From August 5, , until June 21, , he was a member of the Board of Governors of the Federal Reserve System , proposed the Bernanke Doctrine , and first discussed " the Great Moderation " — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic monetary and fiscal policy. Bernanke then served as chairman of President George W. Bernanke wrote about his time as chairman of the Federal Reserve in his book, The Courage to Act , in which he revealed that the world's economy came close to collapse in and Bernanke asserts that it was only the novel efforts of the Fed cooperating with other agencies and agencies of foreign governments that prevented an economic catastrophe greater than the Great Depression.