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World War II Fiscal Policies and the End of the Great Depression

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  • Vernon, J. R.

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.

Suggested Citation

  • Vernon, J. R., 1994. "World War II Fiscal Policies and the End of the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 54(4), pages 850-868, December.
    • Handle: RePEc:cup:jechis:v:54:y:1994:i:04:p:850-868_01
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    Cited by:

    1. Caplan, B., 2002. "How does war shock the economy?," Journal of International Money and Finance, Elsevier, vol. 21(2), pages 145-162, April.
    2. Timothy J. Hatton & Mark Thomas, 2012. "Labour Markets in Recession and Recovery: The UK and the USA in the 1920s and 1930s," CEH Discussion Papers 001, Centre for Economic History, Research School of Economics, Australian National University.
    3. Luca Pensieroso, 2007. "Real Business Cycle Models Of The Great Depression: A Critical Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(1), pages 110-142, February.
    4. Hugh Rockoff, 2016. "The U.S. Economy in WWII as a Model for Coping with Climate Change," Departmental Working Papers 201609, Rutgers University, Department of Economics.
    5. Timothy J. Hatton & Mark Thomas, 2010. "Labour markets in the interwar period and economic recovery in the UK and the USA," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 26(3), pages 463-485, Autumn.
    6. Jagjit S. Chadha, 2023. "Mr Putin and the Chronicle of a Normalisation Foretold," National Institute of Economic and Social Research (NIESR) Discussion Papers 551, National Institute of Economic and Social Research.
    7. Zdenka Johnson, 2022. "The Role of Federal Government in the United States War Economy during World War II [Role federální vlády ve válečné ekonomice Spojených států amerických během druhé světové války]," E-LOGOS, Prague University of Economics and Business, vol. 2022(2), pages 23-47.
    8. Alan J. Auerbach & William G. Gale, 2009. "Activist fiscal policy to stabilize economic activity," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 327-374.

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