The Roosevelt recession
1937–1938 · Event
Declaring victory too early, the administration cuts spending and tightens money — and the economy crashes all over again, unemployment leaping back toward twenty per cent. The relapse settles the argument inside the New Deal in the Keynesians' favour, and hands every future government a cautionary tale about premature austerity.
On these timelines: The Great Depression, Economic History, USA, Master
More from The Great Depression
- Great Depression (1929)
- Creditanstalt fails (1931)
- Britain abandons the gold standard (1931)
- The bank holiday stops the panic (1933)
- American banking crisis (1930-33) (1930)
- Glass-Steagall walls off the banks (1933)
- Smoot-Hawley Tariff (1930)
Around 1937
- World War II (1939)
- Battle of Stalingrad (1942)
- Indian independence and Partition (1947)
- Chinese Civil War (resumed) (1945)
- The Holocaust (1941)
- Manhattan Project (1942)
- Battle of Britain (1940)
- Spanish Civil War (1936)
- Hitler becomes Chancellor of Germany (1933)
- Winston Churchill's first premiership (1940)