Liberal State Quotes
In 1929, the American Stock Market Crashed and began the Great Depression. President Herbert Hoover would not intervene to ameliorate or remedy the situation based on his political philosophy. Democracy and democratic capitalism were thought to have failed as a governmental form. Many people looked to the relatively new fascist states as potential models for the world. President Roosevelt then demonstrated that the American economy could be reformed but in 1932 it was far from clear that he would succeed.