ibutive policies, wealth became increasingly concentrated in the hands of a few. The less wealth for the middle-class and working-class, the less there is a market for consumer goods. Eventually, like a giant pyramid scheme, the economy collapsed upon itself.
Meanwhile, the government under President Herbert Hoover maintained the social policies of laissez faire capitalism, refusing to get the government involved in redistributing wealth to create a consumer market and stimulate the economy. President Hoover believed the economy would improve on its own if given enough time. Hoover understood that America's capacity to produce had outpaced the country's ability to consume, but he attributed this deficiency to events elsewhere in the globe, such as the Russian revolution and stagnant economies throughout Western Europe. The President asserted that there was nothing the government could or should do other than allow production to be reduced and the surplus fade away. As supplies became more limited, economic recovery would resume
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