What Ended the Great Depression? It Was Not World War II
By Frank G. Steindl
This article appeared in the Fall 2007 issue of The Independent Review


Historians and economists typically attribute the end of the Great Depression either to U.S. entry into World War II or to the growth of the money supply after it bottomed out in 1933. A third and more likely alternative is that self-correcting forces inherent in the economy restored the growth of productivity and thereby put the United States on the path to recovery.

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