Herbert Hoover Started the Great Depression
Posted in Economic Illiteracy on Aug 31st, 2009
Perhaps that is a dog-bites-man headline. But Rochester alumnus Lee Ohanian demonstrates that it wasn’t exactly his dedication to radical, anarchic, laissez-faire capitalism that did it: I develop a theory of labor market failure for the Great Depression based on Hoover’s industrial labor program that provided industry with protection from unions in return for keeping […]