Economically, World War II Was Stimulus on Steroids
The next time someone argues that the New Deal failed, and only the Second World War ended the Depression, as 'proof' that government spending does not work, one can respond with the details of economic growth and unemployment reduction up to 1940, or one can ignore the claim and thank them for making your case for massive government spending in a deep, broad recession.
Right wing politicians are loathe to credit the New Deal with any success in hoisting the United States out of the Great Depression, but credit World War II for that achievement, believing that that somehow disproves Keynesian economic theory.
That claim, however, undermines their entire premise.
World War II was many things, and one hesitates to write about it as an economic phenomenon for fear of being misinterpreted as claiming that its economic value was of more importance than its profoundly human dimensions. That is not what this is intended to convey....
comments powered by Disqus
- Here's a look at history of 'religious freedom' laws
- ‘Hamilton’ Puts Politics Onstage and Politicians in Attendance
- Earth Tectonic Plate Simulation Reveals Our Planet Has Changed A Lot In 200 Million Years
- For G.O.P., Support for Israel Becomes New Litmus Test
- Yale’s Beinecke Library Buys Vast Collection of Lincoln Photos
- History's Grandin Wins Bancroft Prize for "The Empire of Necessity"
- Nobel prize-winning scientist writes a history of science
- Ken Burns tackles history of cancer
- If historians have their way, Americans will soon learn how important religion has been in US history
- Role-playing history game gets students jazzed