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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.
In his first 99 days, he proposed, and Congress swiftly enacted, an ambitious New Deal to deliver relief to the unemployed and those in danger of losing farms and homes, recovery to agriculture and business, and reform, notably through the inception of the vast Tennessee Valley Authority (TVA) .ne recurring theme in the recovery plan was Roosevelt s pledge to help the forgotten man at the bottom of the economic pyramid. Birth of the New Deal The concepts that became the New Deal had been discussed in earlier years but without effect.