The Federal Reserve System and the Depression

The Great Depression has been popularly viewed as a failure of capitalism. The stock market crash, the collapse of the Bank of United States, and the loss of personal savings were visible symbols supporting this belief. In today’s podcast, Friedman explains the real cause was the unseen failure of government policy and action. Yet this crisis resulting from government failure leads to decades of government expansion. Today’s podcast is “Anatomy of Crisis,” volume three of the ten-part public television series Free To Choose. Listen now.