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Milton Friedman wrote (with Anna Schwartz) an essay on the Depression in the 1960s that they entitled âThe Great Contraction.â They placed much of the blame for this contraction on the flawed monetary policies of the Fed. But the more important failure of the New Deal was what it did not do.The only way to break the economic deadlock that had paralyzed the American economy in the 1930s was to shock it back to life by enormously expanding economic activityâquickly and decisively.ilton Friedman wrote (with Anna Schwartz) an essay on the Depression in the 1960s that they entitled âThe Great Contraction.â They placed much of the blame for this contraction on the flawed monetary policies of the Fed. But the more important failure of the New Deal was what it did not do.
What was the effect of the New Deal on America? There were actually two new Deals from FDR, the first was 1933-34 and the second was 1935-1936. Although FDR is given credit for getting us out of the Depression, it actually â¦ caused it to last for 7 years. The Depression didn't happend until 1933. FDR just continued Hoover's policies of government intervention.