George Selgin: Banking crisis marked Depression nadir before recovery began

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Banking crisis signaled Depression low before recovery

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Ashutosh Sureka

20.07.2026

George Selgin: Banking crisis marked Depression nadir before recovery began — Banking crisis signaled Depression low before recovery

George Selgin disputes a claim regarding the timing of the Depression's lowest point, stating that the banking crisis represented the nadir of the economic downturn.

According to Selgin, recovery started once the crisis was addressed, an effort credited to FDR but built on plans from Hoover's Treasury team. He notes the recovery was slow and irregular with multiple challenges.

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Selgin previously argued that free banking requires a defined monetary standard such as gold or fiat to function. He has also examined the role of GDP, stating it measures national output but carries no moral imperative in a separate analysis. These views inform his broader commentary on economic recovery and financial policy.

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