What would happen if the Great Depression never happened, and Instead the world got a 2008-esque recession?
The only reason 2008-2009 wasn't even worse was that Governments and monetary authorities used the knowledge gained from the 1930s, and threw the kitchen sink at the crisis. Learning how to prevent (or at least mitigate) Depressions is something that took the Depression to teach.
Why not the 1890s?
The Lochner Court was a huge blight on the country, it held it that ANY attempt to regulate monetary policy was unconstitutional overreach.
The Lochner Court was a huge blight on the country, it held it that ANY attempt to regulate monetary policy was unconstitutional overreach.
I’m skeptical of these claims for these reasons.The only reason 2008-2009 wasn't even worse was that Governments and monetary authorities used the knowledge gained from the 1930s, and threw the kitchen sink at the crisis. Learning how to prevent (or at least mitigate) Depressions is something that took the Depression to teach.