By Alexander J. Field Ph.D.
This daring re-assessment of the background of U.S. financial development is equipped round a singular declare, that efficient skill grew dramatically around the melancholy years (1929-1941) and that this enhance supplied the basis for the industrial and army luck of the U.S. throughout the moment international struggle in addition to for the golden age (1948-1973) that followed.
Alexander J. box takes a clean examine progress info and concludes that, at the back of a backdrop of double-digit unemployment, the Nineteen Thirties truly skilled very excessive premiums of technological and organizational innovation, fueled by means of the maturing of a privately funded learn and improvement procedure and the government-funded build-out of the country's floor street infrastructure. this important new quantity within the Yale sequence in financial and monetary background invitations new dialogue of the reasons and results of productiveness development over the past century and a part and on our present prospects.
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Additional resources for A Great Leap Forward: 1930s Depression and U.S. Economic Growth (Yale Series in Economic and Financial History)
Economic History Review 61 (August): 672–694 (chapter 3). Field, Alexander J. 2009. S. ” Journal of Macroeconomics 31 (March): 173–190 (chapter 6). Field, Alexander J. 2010. ” Journal of Economic History 70 (June): 326–350 (chapter 7). INTRODUCTION This book is built around a novel claim: potential output grew dramatically across the Depression years (1929–1941), and this advance provided the foundation for the economic and military success of the United States during the Second World War, as well as for what Walt Rostow (1960) called the “age of high mass consumption” that followed.
Between the first quarter of 1942 and the last quarter of 1944, for example, airframe production increased by a factor of six, and labor productivity grew by 160 percent. S. Department of Labor 1946, pp. 897–898). These successes, however, need to be kept in perspective. The War Production Board estimated that the overall increase in output per hour in the munitions industries was about 25 percent for the 1939–1944 period—certainly respectable but far below the increases registered in standout sectors.
I thank various publishers for permission to build on that work. Relevant book chapters are indicated at the end of each acknowledgement. Field, Alexander J. 1992. ” Journal of Economic History 52 (December): 785–805 (chapter 11). Field, Alexander J. 2003. ” American Economic Review 93 (September): 1399–1413 (chapter 1). Field, Alexander J. 2006. S. ” Journal of Economic History 66 (March): 203–236 (chapter 2). Field, Alexander J. 2006. S. ” In The Global Economy in the 1990s: A Long Run Perspective, ed.