What was Herbert Hoover's approach to the economy during the onset of the Great Depression?

Herbert Hoover's approach to the economy during the onset of the Great Depression was fundamentally characterized by his belief in allowing the economy to recover naturally without direct government intervention. This philosophy was rooted in his strong conviction that the market economy had self-correcting mechanisms. Hoover, having been influenced by his experiences prior to the Depression, maintained the idea that the economy would rebound on its own if allowed to do so, which is why he was hesitant to implement large-scale government programs or interventions.

He did encourage some limited measures, such as voluntary cooperation among businesses to maintain wages and employment, but these efforts were far from the immediate, comprehensive government actions that many believed were necessary to address the economic crisis. Hoover's preference for minimal government interference reflected broader contemporary beliefs in laissez-faire economics that prioritized individualism and self-reliance.

This standpoint contrasts significantly with the later policies implemented by Franklin D. Roosevelt, who embraced a much more interventionist approach, involving robust government programs to directly assist those affected by the economic turmoil. Thus, Hoover's reluctance to embrace significant intervention characterized his presidency during this turbulent period in American history.