Hostname: page-component-78c5997874-94fs2 Total loading time: 0 Render date: 2024-11-14T17:08:38.103Z Has data issue: false hasContentIssue false
  • English
  • Français

World War II Fiscal Policies and the End of the Great Depression

Published online by Cambridge University Press:  03 March 2009

J. R. Vernon
J. R. Vernon
Affiliation:
Professor of Economics at the University of Florida, Gainesville, FL 32611.
Get access Rights & Permissions [Opens in a new window]

Abstract

The United States economy completed its recovery from the Great Depression in 1942, restoring full-employment output in that year after 12 years of below-full-employment performance. Fiscal policies were not the most important factor in the 1933 through 1940 phase of the recovery, but they became the most important factor after 1940, when the recovery was less than half-complete. World War II fiscal policies were, then, instrumental in the overall restoration of full-employment performance.

Type
Articles
Information
The Journal of Economic History , Volume 54 , Issue 4 , December 1994 , pp. 850 - 868
Copyright
Copyright © The Economic History Association 1994

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Bernstein, Michael A., The Great Depression (New York, 1987).CrossRefGoogle Scholar
Brown, E. Cary, “Fiscal Policy in the 'Thirties: A Reappraisal,” American Economic Review, 46 (12. 1956), pp. 857–79.Google Scholar
Chandler, Lester V., America's Greatest Depression, 1929–1941 (New York, 1970).Google Scholar
Darby, Michael, “Three-and-a-Half Million U.S. Employees Have Been Mislaid: Or, an Explanation of Unemployment 1934–1941,” Journal of Political Economy, 84 (02. 1976), pp. 1–16.CrossRefGoogle Scholar
DeLong, J. Bradford, and Summers, Lawrence H., “How Does Macroeconomic Policy Affect Output?” Brookings Papers on Economic Activity (1988:2), pp. 433–80.CrossRefGoogle Scholar
Friedman, Milton, and Schwartz, Anna, Monetary Trends in the United States and the United Kingdom (Chicago, 1982).CrossRefGoogle Scholar
Gordon, Robert J., Macroeconomics, (6th edn., Glenview, 1993).Google Scholar
Hall, R. E., and Jorgenson, D. W., “Tax Policy and Investment Behavior,” American Economic Review, 57 (06 1967), pp. 391–414.Google Scholar
Higgs, Robert; “Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s,” this Journal, 52 (03. 1992), pp. 41–60.Google Scholar
Kirkwood, John B., “The Great Depression: A Structural Analysis,” Journal of Money, Credit, and Banking, 4 (11. 1972), pp. 811–37.CrossRefGoogle Scholar
Kuznets, Simon, National Product in Wartime (New York, 1945).Google Scholar
Kuznets, Simon, “Long-Term Changes in the National Income of the United States of America since 1870,” in Kuznets, Simon, ed., Income and Wealth of the United States: Trends and Structure (Cambridge, 1952), pp. 29–241.Google Scholar
Lebergott, Stanley, The Americans: An Economic Record (New York, 1984).Google Scholar
Niemi, Albert W. Jr, U.S. Economic History (2nd edn., Chicago, 1980).Google Scholar
Puth, , C, Robert, American Economic History (2nd edn., Chicago, 1988).Google Scholar
Romer, Christina D., “The Prewar Business Cycle: New Estimates of Gross National Product, 1869–1908,” Journal of Political Economy, 97 (02. 1989), pp. 1–37.CrossRefGoogle Scholar
Romer, Christina D., “What Ended the Great Depression,” this Journal, 52 (12. 1992), pp. 757–84.Google Scholar
Stein, Herbert, The Fiscal Revolution in America (Chicago, 1969).Google Scholar
Studenski, Paul, and Kroos, Herman E., Financial History of the United States (New York, 1952).Google Scholar
U.S. Board of Governors of the Federal Reserve System, “The Federal Reserve-MIT Econometric Model,” Federal Reserve Bulletin, 54 (01. 1968), pp. 11–40.Google Scholar
U.S. Board of Governors of the Federal Reserve System, “The Channels of Monetary Policy,” Federal Reserve Bulletin, 55 (06 1969), pp. 472–91.Google Scholar
U.S. Board of Governors of the Federal Reserve System, Banking and Monetary Statistics, 1941–1970 (Washington, DC, 1976).Google Scholar
U.S. Board of Governors of the Federal Reserve System, “Structure and Uses of the MPS Quarterly Econometric Model of the United States,” Federal Reserve Bulletin, 73 (02. 1987), pp. 93–109.Google Scholar
U.S. Department of Commerce, National Income and Product Accounts, 1929–82 (Washington, DC, 1986).Google Scholar
U.S. Department of Commerce, National Income, 1951 Edition (Washington, DC, 1951).Google Scholar
U.S. Department of Commerce, Historical Statistics (Washington, DC, 1960).Google Scholar
Vatter, Harold G., The U.S. Economy in World War II (New York, 1985).CrossRefGoogle Scholar