What Ended the Great Depression? It Was Not World War II

From: The Independent Review | Date: October 1, 2007| Author: | Copyright information

There are two prominent views about what ended the Great Depression. The most widely accepted one by far emphasizes U.S. entry into World War II, with its attendant government spending for armaments.1 According to this view, the U.S. economy in 1941, though approaching its potential output, remained well below it, so the war's fiscal stimulus moved the economy completely out of the Depression.2 That the war ended the Depression is a view held not only by economists, but also by the public in general. The second view, in contrast, prominent particularly among economists, sees monetary ...

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