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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.
Many of the New Deal agencies, like the CCC and WPA, did put people to work and did construct some important works during that period. Perhaps the biggest effect on society was the increase in the size and power of the national government.People began to expect the government to act when something happened.here were some immediate effects of the New Deal and some long-lasting effects. While the New Deal did not end the Depression, it did give the population confidence that the government was doing something.