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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
From Prosperity to Poverty: The Story of American
Economic Decline During the 1920s
Author(s): Marcus M. Witcher, Joseph Horton
Citation: Marcus M. Witcher, Joseph Horton, (2013) "From Prosperity to Poverty: The Story of American Economic Decline During the 1920s," Journal of Applied Business and Economics, Vol. 14, Iss. 4, pp. 79-87
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper engages the historiography on the causes of the Great Depression, especially significant
events leading up to the collapse of the banking system in 1933. Many historians label the stock market
crash of 1929 as the catalyst to the economic downturn that began in late 1929, and continued well into
the thirties. This paper, however, argues that the Federal Reserve’s policies throughout the twenties
caused the Depression. Easy money created malinvestment and poor monetary policies in 1928 along
with legislative restrictions on branch banking led to monetary contractions, bank failures and ultimately
the depression.
