Causes of the Great Depression

The causes of the Great Depression have been argued over by economists and scientists since it started in the 1930s. The economists Milton Friedman and Anna Schwartz came up with the theory of, "The Great Contraction," in their book , Monetary History of the United States. They explained that a drastic contraction of the currency (especially the Federal Reserve Board raising interest rates when they should've lowered them) caused the Great Dpression. I agree that this was the problem that contributed greatly to the depression because there was many factors. People were just discovering credit, and many took advantage of it. Debt accumulated astronomically with the high interest rates, causing people lose all their money. So, while it wasnt the only cause of the Great Depression, monetary contaction played a big role in it.