Why Was the Great Depression So Great?

Economy |
By Michael Rathbone | Read Time 1 min

On May 5, 2011, Show-Me Institute Research Assistant John Payne spoke about the causes of the Great Depression to a number of 8th-grade students at Westminster Christian Academy. The talk covered many misconceptions about why the Great Depression happened — and why it lasted so long. Watch Payne’s engaging presentation debunking many of the popular myths relating to this infamous period of economic distress.

There were a few minor factual errors in this presentation, for which we apologize. Here are corrections:

  • At the time this talk was given, national unemployment was 9.0 percent, not 9.5 percent.
  • The Smoot-Hawley Tariff Act was passed in 1930, not 1931.
  • The Schechter Poultry Corp. v. United States decision was delivered in 1935, not 1937.
  • Eisenhower won some southern states, therefore Goldwater was not the first Republican to do so (since Reconstruction).
Topics on this page
Show-Me InstituteRepublican PartyJohn PayneThe Great Depression

About the Author

Michael Rathbone was a policy researcher at the Show-Me Institute. He is a native of Saint Louis and a 2008 graduate of Saint Louis University, where he earned a bachelor of science degree in biomedical engineering. In 2010, Michael obtained an M.B.A. from Washington University in St. Louis with concentrations in finance and health care management. At the Show-Me Institute, Michaels policy areas included the state budget, taxes, public pensions, and public subsidies. He also delivered lectures to area high school students about the Great Depression from an economic perspective. Michael lives in Fenton.
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