▁culture . ▁While ▁writers ▁of ▁the ▁time ▁like ▁James ▁McC ul lo ch ▁had ▁at ▁first ▁int im ated ▁that ▁the ▁problems ▁arose ▁because ▁of ▁the ▁decision ▁to ▁impr ud ently ▁abandon ▁the ▁gold ▁standard , ▁he ▁later ▁experienced ▁a ▁shift ▁in ▁perspective ▁which ▁was ▁evident ▁in ▁his ▁writing . ▁By ▁the ▁time ▁he ▁published ▁" The ▁Late ▁Cris is ▁in ▁the ▁M oney ▁Market ▁Imp art ial ly ▁Consider ed ", ▁he ▁began ▁to ▁think ▁that ▁the ▁crash ▁was ▁not ▁att rib utable ▁to ▁gre ed - dri ven ▁bank ers ▁but ▁to ▁a ▁divers ified ▁financial ▁system . ▁ ▁Public ▁opinion ▁While ▁the ▁crisis ▁is ▁now ▁thought ▁to ▁have ▁been ▁caused ▁by ▁the ▁transition ▁process ▁between ▁war ▁and ▁pe ac etime ▁econom ies , ▁it ▁was ▁– ▁at ▁the ▁time ▁– ▁bl amed ▁primarily ▁on ▁weak ▁small ▁country ▁bank ers ▁spec ulating ▁unw is ely . ▁ ▁Christian ▁econom ics ▁The ▁crash ▁caused ▁many ▁families ▁significant ▁hard ship ▁and ▁left ▁them ▁confused ▁about ▁what ▁had ▁happened . ▁Their ▁sent iments ▁fuel led ▁the ▁growth ▁of ▁Christian ▁econom ics , ▁which ▁became ▁the ▁most ▁popular ▁economic ▁theory ▁of ▁the ▁ 1 8 3 0 s . ▁The ▁theory ▁pres umed ▁that ▁human ▁action , ▁motiv ated ▁by ▁individual ▁desire , ▁ent a iled ▁some ▁degree ▁of ▁suffering . ▁ ▁The ▁business ▁cycle ▁The ▁application ▁of ▁this ▁doctrine ▁of ▁" aton ement " ▁led ▁to ▁the ▁idea ▁of ▁the ▁business ▁cycle . ▁Ex cess ▁production ▁will , ▁it ▁was ▁believed , ▁in ev