Long Depression
Nobel laureate economist Milton Friedman, author of "A Monetary History of the United States", on the other hand, blamed this prolonged economic crisis on the imposition of a new gold standard, part of which he referred to by its traditional name, The Crime of 1873. This forced shift into a currency whose supply was limited by nature, unable to expand with demand, caused a series of economic and monetary contractions that plagued the entire period of the Long Depression. Murray Rothbard, in his book "History of Money and Banking of the United States", argues that the long depression was only a misunderstood recession since real wages and production were actually increasing throughout the period. Like Friedman, he attributes falling prices to the resumption of a deflationary gold standard in the U.S. after the Civil War.
History of Western civilization
In October 1929 the New York stock market crashed, leading to the Great Depression. Many lost their life's savings and the resulting decline in consumer spending led millions to lose their jobs as banks and businesses closed. In the Midwestern United States, a severe drought destroyed many farmers' livelihoods. In 1932, Americans elected Franklin D. Roosevelt president. Roosevelt followed a series of policies which regulated the stock market and banks, and created many public works programs aimed at providing the unemployed with work. Roosevelt's policies helped alleviate the worst effects of the Depression, although by 1941 the Great Depression was still ongoing. Roosevelt also instituted pensions for the elderly and provided money to those who were unemployed. Roosevelt was also one of the most popular presidents in U.S. history, earning re-election in 1936, and also in 1940 and 1944, becoming the only U.S. president to serve more than two terms.