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The Great Depression: Who is Responsible For It?

The Great Depression, known to be the most important economic downturn in modern history, was triggered by the crash of the stock market in 1929, and bank runs. It lasted more than a decade. What caused this crisis remains a subject of debate among economists. While John Maynard Keynes argues that the Depression was caused by a fall in aggregate demand due to the shortcomings of the unregulated market, Milton Friedman of the Chicago School and the Austrians argue that the Federal Reserve was the originator of the crisis while the interventionist policies of Herbert Hoover and FDR prolonged the recession, turning it into a Depression. This documentary explains who is responsible for the Great Depression.