The Great Depression highlighted the importance of monetary factors in economic crises from "summary" of A Monetary History of the United States, 1867-1960 by Milton Friedman,Anna Jacobson Schwartz
The events of the Great Depression served to underscore the critical role that monetary factors play in economic crises. The severe economic downturn of the 1930s prompted a reevaluation of the traditional understanding of the causes of such crises, leading to a recognition of the significance of monetary policy in shaping the course of economic events. Prior to this period, the prevailing view held that economic downturns were primarily the result of real factors such as technological shifts, supply shocks, or changes in consumer preferences.
However, the Great Depression challenged this perspective by demonstrating the profound impact that monetary policy can have on the economy. As Friedman and Schwartz illustrate in their seminal work, fluctuations in the money supply and the behavior of the Federal Reserve pl...
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