The ins and outs of finance come across as so much mumbo-jumbo to most of us. And the central culprit in the collapse of the world’s financial markets wasn’t speculation in stocks but the gold standard.
How, then, could a single event on Wall Street be the cause of a decade of suffering throughout much of the world? In truth, the stock market crash was just one of several factors, as investment banker Liaquat Ahamed so eloquently explains in Lords of Finance. Beginning on Black Tuesday, October 29, 1929, we’re told, the Depression didn’t properly end in the United States until the mobilization for World War II began in 1941 or ’42. Most of us Americans are taught in school that the stock market crash on Wall Street caused the Great Depression.
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