A compilation of Great Depression related primary source sets from across the Library's Web site
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Home >Teachers' Resources >Teaching With Documents >Lessons: 1929-1945
During the economic boom of the Roaring Twenties, the traditional values of rural America were challenged by the Jazz Age, symbolized by women smoking, drinking, and wearing short skirts. The average American was busy buying automobiles and household appliances, and speculating in the stock market, where big money could be made.
Several explanations for the depth of the Great Depression presume that the -30% deflation of 1930-32 was unanticipated. For example, the debt-deflation hypothesis originally put forth by Irving Fisher is based on the notion that unanticipated deflation increases the burden of nominal debt, adversely affecting the banking system and the aggregate economy.
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