The notion that World War II is responsible for ending the Great Depression has met growing skepticism among economic historians. Although the wartime economy saw increases in conventional measures of macroeconomic performance, the letters, journals, and newspapers of the era indicate years of continued material deprivation and hardship, rather than rising living standards for the average American.

Steven G. Horwitz was Distinguished Professor of Free Enterprise and the Director of the Institute for the Study of Political Economy at Ball State University.
Michael J. McPhillips is a graduate at St. Lawrence University.
American HistoryEconomic History and DevelopmentEconomic PolicyEconomistsEconomyFiscal Policy/DebtLaw and LibertyPhilosophy and Religion
Other Independent Review articles by Steven G. Horwitz
Winter 2020/21 Crusoe and the Economists: An Accounting
Fall 2019 F. A. Hayek: Economics, Political Economy, and Social Philosophy
Fall 2017 Success and Luck: Good Fortune and the Myth of Meritocracy
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