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When we last left the United States, the narrative of our economic history (in This episode It was the early 20th century, and Japan was going through a very difficult time, with only one paper currency in circulation and a central bank to help stabilize the money supply.
When the United States emerged from World War I about a decade later, the economy was still doing well. But then, with the stock market crash of 1929, everything came crashing down. Businesses failed, banks collapsed, a quarter of the population lost their jobs, families couldn’t pay their rent, and the economy collapsed. This was happening all over the world.
Today we’ll look at how world leaders intervened to turn the international economy around, and in the process, how the Great Depression quickly and forever changed the relationship between government and business.
We cover:
- Laissez-faire economics
- Gold Standard
- Legal tender
- New Deal
- Keynesian Economics
The series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
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NPR Audio Sources – “Lost Situation,” “Rumba Desolato,” “Elmund Fandango,” “Janus Dear,” and “Back to the Great Depression” John Pinamonti.
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