asked 160k views
4 votes
According to Friedman’s opinion, who is responsible for the Great Depression

asked
User Amethi
by
8.2k points

1 Answer

4 votes

Friedman argued that the Great Depression was caused by the Federal Reserve not preventing the sharp drop in the money supply that took place during the period 1929–1933.

In other words, the Fed turned a normal recession into a depression by failing to implement an expansionary monetary policy in the early 1930s.

answered
User Ntamjo Achille
by
7.7k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.