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Great Contraction
The Great Contraction is Milton Friedman's term for the recession which led to the Great Depression.〔(source 1 ), New Preface page ix〕
The term served as the title for the relevant chapter in Friedman and Schwartz's 1963 work ''A Monetary History of the United States''. The chapter was later published as a stand-alone paperback entitled ''The Great Contraction, 1929-33'' in 1965.〔(【引用サイトリンク】 publisher = Princeton University Press )〕
Friedman labeled it thus because he believed that the depression lasted so long due to the Federal Reserve's mismanagement. He argued that the Reserve contracted the monetary supply dramatically, prolonging the Depression, which Friedman claims could have been over by 1931.〔(source 2 ), Dangers of Centralized Power〕
Economists such as Paul Krugman refer to the similarly named (and sometimes confused with) Great Compression as a period during which economic equality rose due to the progressive tax policies instituted during the years of WWII and the policies of the Roosevelt Administration.
==References==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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