A Great Leap Forward: 1930s Depression and U.S. Economic by Alexander J. Field Ph.D.

By Alexander J. Field Ph.D.

This daring second look of the background of U.S. monetary development is equipped round a unique declare, that productive capacity grew dramatically around the melancholy years (1929-1941) and that this enhance supplied the root for the industrial and armed forces good fortune of the USA throughout the moment global conflict in addition to for the golden age (1948-1973) that undefined.
Alexander J. box takes a clean examine progress facts and concludes that, at the back of a backdrop of double-digit unemployment, the Thirties truly skilled very excessive charges of technological and organizational innovation, fueled by way of the maturing of a privately funded examine and improvement approach and the government-funded build-out of the country's floor highway infrastructure. This signficant new quantity within the Yale sequence in monetary and fiscal historical past invitations new dialogue of the factors and consequences of productiveness development over the last century and a part and of our present clients.

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The expansion of capacity during the Depression years in the United States, in contrast, resulted largely from private initiative and creativity, augmented by what were historically modest government investments in infrastructure. This expansion nevertheless laid the foundation both for successful prosecution of the Second World War and for the quarter century of golden age growth that followed. Part II of the book extends part I’s analysis and reflects on some of its implications. Chapter 7 shows that the strong procyclicality of TFP during the Depression years was in fact a feature of the entire period 1890–2004.

ONLINE RESOURCES The bibliography and source notes provide full documentation for all of the tables. Many of the more important statistical sources are now available online. org/books/kend61–1. gov). The BLS is the source for productivity and employment/unemployment data. The BEA provides information on output (click on the link for Gross Domestic Product; some tables extend back to 1929) and physical capital stock (click on the link for Fixed Assets; data extend back to 1925). html. The bicentennial edition of Historical Statistics of the United States can also be accessed through this site.

Although we had had some preliminary discussions, I wish I could have engaged him more about this developing work. On the other hand, though there is some revisionism here with respect to the sources of growth in the nineteenth and twentieth centuries, I feel that in a way I contribute to his legacy by extending a style of research he pioneered. Moe was always a warm and gracious presence in the Stanford department, and I continue to run across his handwritten comments on various drafts of earlier work in my files.

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