In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a "Great Depression."


p. 2: Lead paragraph Chapter 1 : The origins of the Depression. - The Memoirs of Herbert Hoover: The Great Depression, 1929-1941 (1952)

Herbert Hoover Quotes

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such...

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such...

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such...

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such...