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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.
But the New Deal didn't solve the Depression. The economy did improve under Roosevelt's tutelage; in retrospect, it became clear that the darkest days of the Great Depression had passed in the winter of 1932-33, after FDR was elected but before he assumed office.But economic progress under the New Deal was painfully, brutally slow.he Second New Deal. In 1935, FDR pushed through his second round of reforms, seeking to make many of the emergency measures of 1933 permanent while striking a more populist tone by overtly attacking big business and the rich.