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Business leaders Quote by Thomas Frank

“And so the catastrophe of 1929–33 did to the certainties of laissez-faire economics what science did to nineteenth-century religion and what the slaughter of World War I did to old-fashioned patriotism: it knocked out the props. “Everything nailed down is coming loose,” people used to say back…” quote by Thomas Frank
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““And so the catastrophe of 1929–33 did to the certainties of laissez-faire economics what science did to nineteenth-century religion and what the slaughter of World War I did to old-fashioned patriotism: it knocked out the props. “Everything nailed down is coming loose,” people used to say back then: The Depression made business leaders into laughingstocks and transformed economic orthodoxy into so many fairy tales.””

Thomas Frank

About This Quote

Source Book: The Wrecking Crew: How Conservatives Rule, 2012, 2012

The Great Depression shattered confidence in laissez‑faire economics, exposing its fragility and turning former certainties into myths.

In simple terms: Depression disproved free‑market certainty.

Key Takeaway

Question assumptions, seek evidence.

Themes

economics history ideology

Mood

skeptical reflective

Type

analytical historical

When to use this quote

  • policy analysis
  • financial planning
  • educational curricula
  • public discourse

Key Concepts

laissez‑faire myth‑making systemic risk

Questions to Reflect On

  • How do crises reshape dominant economic narratives?
  • What safeguards prevent repeating past misconceptions?
A Different Perspective

Economic theories can be swayed by crises, not just data.

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