Milton Friedman 's A Monetary History of the United States , co-written with Anna Schwartz , advances the argument that what made the "great contraction" so severe was not the downturn in the business cycle, protectionism , or the stock market crash in themselves — but instead, according to Friedman and Schwartz, what plunged the country into a deep depression was the collapse of the banking system during three waves of panics over the —33 period. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy...
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