"I think no virtue goes with size;The reason of all cowardiceIs, that men are overgrown,And, to be valiant, must come downTo the titmouse dimension."

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In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a "Great Depression.

— Herbert Hoover