Compilation | December 1998 (Revised January 1999)

Explaining the Great Depression

by David A. Moss and Joseph P Gownder


Although the Great Depression stands as the most punishing economic event of the 20th century, there is still remarkably little consensus about its causes. This case presents a number of prominent explanations including those of Franklin D. Roosevelt, John Maynard Keynes, Milton Friedman, and Anna Jacobson Schwartz. Four additional theories are presented in the appendix.

Keywords: History; Financial Crisis; Theory; Economics;


Moss, David A., and Joseph P Gownder. "Explaining the Great Depression." Harvard Business School Compilation 799-067, December 1998. (Revised January 1999.)