Herbert Hoover was a man who had great faith in business. The private sector had propelled the US to prosperity in the early part of the 20th century, and Hoover—a mining engineer turned financier turned politician—had reaped the benefits of capitalism firsthand.The 31st US president stuck to this view even as he governed the country during the early years of the Great Depression, confident in the resilience of the private sector. “The sole function of government is to bring about a condition of affairs favorable to the beneficial development of private enterprise,” Hoover declared in 1931, as bread lines grew and Americans evicted from their homes poured into shantytowns. Under this logic,
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