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A Reassessment of Investment Failure in the Interwar American Economy

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  • Bernstein, Michael A.

Abstract

A radical shift in the industrial composition of investment and final demand played an important role in delaying a complete recovery from the trough of 1932. Under the conditions of technological discovery prevailing in the 1930s, this shift in the composition of demand made full employment virtually impossible to achieve as recovery from the crash got under way. A complete recovery required a mass of interrelated new techniques and human and physical capital which, in the timid financial environment prevailing after 1929 (and given the uncertainties of the New Deal), could not be organized on the necessary scale by private investment markets. These findings pose a new agenda for research on the political economy of the New Deal and on the economic history of the post-World War II era.

Suggested Citation

  • Bernstein, Michael A., 1984. "A Reassessment of Investment Failure in the Interwar American Economy," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 479-488, June.
    • Handle: RePEc:cup:jechis:v:44:y:1984:i:02:p:479-488_03
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