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
- Hitler becomes Chancellor of Germany (1933)
- Battle of Stalingrad (1942)
- Spanish Civil War (1936)
- World War II (1939)
- The Holocaust (1933)
- Manhattan Project (1942)
- Chinese Civil War (resumed) (1945)
- Indian independence and Partition (1947)
- Battle of Britain (1940)
- Winston Churchill's first premiership (1940)