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The causes of the Great Depression are a matter of active debate among economists, and are part of the larger debate about economic crises, although the popular belief is that the Great Depression was caused by the crash of the stock market.
Most historians donât blame President Herbert Hoover for causing the Great Depression. The Depression was caused by several factors, some of which were: 1. Americaâs reliance on the gold standard. The government was obligated to redeem paper money with gold.