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http://home.hiwaay.net/~becraft/GreatDepression.pdf
The Great, Great,
Great, Great Depression
To properly understand the events of the time, it is factually appropriate to view the Great Depression as not one, but four consecutive depressions rolled into one. Professor Hans Sennholz has labeled these four “phases” as follows:
I. The Business Cycle
II. The Disintegration of the World Economy
III. The New Deal
IV. The Wagner Act
The first phase explains why the crash of 1929 happened in the first place; the other three show how government intervention kept the economy in a stupor for over a decade. Let’s consider each one in turn.
Great, Great Depression
To properly understand the events of the time, it is factually appropriate to view the Great Depression as not one, but four consecutive depressions rolled into one. Professor Hans Sennholz has labeled these four “phases” as follows:
I. The Business Cycle
II. The Disintegration of the World Economy
III. The New Deal
IV. The Wagner Act
The first phase explains why the crash of 1929 happened in the first place; the other three show how government intervention kept the economy in a stupor for over a decade. Let’s consider each one in turn.