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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.
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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

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