The Great Contraction, as characterized by economist Milton Friedman, was the recessionary period from 1929 until 1933, i.e., the early years of the Great Depression. The phrase was the title of a chapter in the 1963 book A Monetary History of the United States by Friedman and his fellow monetarist Anna Schwartz.
The Great Contraction, as characterized by economist Milton Friedman, was the recessionary period from 1929 until 1933, i.e., the early years of the Great Depression. The phrase was the title of a chapter in the 1963 book A Monetary History of the United States by Friedman and his fellow monetarist Anna Schwartz.
Source: Wikipedia "Great Contraction" · CC BY-SA 4.0
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