Arguably, the biggest blow to the mainstream economics school of thought as a way to conceptualize U.S. labor and management relations was the widespread poverty, unemployment and homelessness brought about by the Great Depression.

Mainstream Economics

A body of economic theories and models that are widely accepted and taught, focusing on market structures, equilibrium, and the role of government interventions.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, starting in the United States, causing widespread poverty and unemployment.

Poverty

A condition where individuals or communities lack the financial resources to meet basic needs such as housing, food, and healthcare.