The Impact of Federal Government Expenditures in the 1930s

Abstract

There is no shortage of explanations for the depressed conditions of the 1930s. Most of the recent literature has focused on the causes and severity of the Great Depression of 1929-33, but the failure of production to expand much beyond its 1929 peak by 1937 and the sharp 1937-38 recession have also received attention.' At the heart of the discussion has been the debate over monetary versus nonmonetary forces and the role of the Federal Reserve. Yet among possible nonmonetary forces, little attention has been given to the role of Federal government expenditures. To cite only one example, in the comprehensive study of this era edited by Brunner [9], the role of government spending is ignored-or, at best, mentioned only in passing-in the volume's seventeen papers and comments.

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