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Under their conservative economic philosophy of laissez-faire
("leave it alone"), markets were allowed to operate without government
interference. Taxes and regulation were slashed dramatically, monopolies were
allowed to form, and inequality of wealth and income reached record levels. The
country was on the preferred gold standard, and the Federal Reserve was not
allowed to significantly change the money supply...
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Taxes and regulation were slashed dramatically, monopolies were
allowed to form, and inequality of wealth and income reached record levels. The
country was on the preferred gold standard, and the Federal Reserve was not
allowed to significantly change the money supply. Many try to blame the
worsening of the Depression on Hoover, for supposedly betraying the laissez-
faire beliefs...
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General points of the essay
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