Hoover-era actions and U.K. gold decision intensified economic downturn, George Selgin notes

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Hoover-era actions and U.K. gold decision intensified economic downturn, George Selgin notes — Hoover policies and U.K. gold move impact

George Selgin points out that policies implemented during the Hoover era, including the Smoot-Hawley tariff, further worsened the U.S. economic depression that lasted from 1929 to 1933.

He adds that external developments, particularly Great Britain's September 1931 abandonment of the gold standard, played a significant role in deepening the crisis.

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Selgin has previously described interventions during periods of spending collapses as bailouts for producers. He has also noted that the gap between U.S. actual and potential real GDP persisted until World War II. These points provide additional context for his views on policy responses during the Great Depression.

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