Prof. Antony Davies: 7 Myths You Learned in High School About the Great Depression

Antony Davies,

Release Date
September 27, 2022


Economics Free Markets and Capitalism Monetary Policy

If you went to high school in America, you were told a lot of things about the Great Depression. Those things were probably wrong. (And they were based on a poor or nonexistent understanding of economics.)


Meet Prof. Davies in person! He will be at LibertyCon International in Miami on October 14-15. See the link to know more:


In this video, long-time Learn Liberty favorite, Professor Antony Davies of Duquesne University, debunks 7 of the most common myths that are taught in American high schools and universities. To do so, he relies on well-researched data, his career as an educator, and a lifetime of studying economics.


Are there any important myths we should cover in a future video? Chime in below in the comments!



0:00 Introduction

0:18 Myth #1: The Great Depression began with the stock market crash of October 1929.

4:16 Myth #2. President Herbert Hoover’s laissez-faire economic policies caused the Depression.

10:39 Myth #3: The Great Depression was a global crisis.

13:18 Myth #4: By joining countries in a fixed currency exchange, the Gold Standard made the Depression spread throughout the world. (via

14:39 Myth #5: Bank mismanagement and profiteering were responsible for insolvency and bank runs.

19:14 Myth #6: The Only Thing, as FDR Said, We Had to Fear Was Fear Itself.

20:42 Myth #7: World War II ended the Great Depression.

21:24 Summary: The 5 Things that Caused the Great Depression.