There’s a new book by Scott Sumner with the title, The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression. As is all too frequent, the view is restricted to the United States, where the Great Depression was prolonged by something like a decade until the 1940s because of Roosevelt and the New Deal. Australia reached its trough in 1932 and the UK and most of the world in 1933. The true lessons to be learned are found by not looking at the US. This is the blurb found at the link to the book.
Economic historians have made great progress in unraveling the causes of the Great Depression, but not until Scott Sumner came along has anyone explained the multitude of twists and turns the economy took. In The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, Sumner offers his magnum opus—the…
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Utopia, you are standing in it! 
Dec 04, 2015 @ 16:45:25
the major reason why the US recovery took so long is because of the dreadful decision of Roosevelt to adopt classical economics in 1937. A contractionary budget ( and the largest increaser or decrease in the structural budget occurred) profuced a contractionary economy!. Who’d a thunked it.
In Australia and the UK there was a miserable recovery.. The highest rate of growth we got was 5.7% in 1933. By contrast from 1932-6 the US was around double digit growth.!
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Dec 04, 2015 @ 17:28:46
Australia and NZ had the fastest recoveries from the great depression.
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