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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.
President Franklin Roosevelt explained the need for the New Deal this way in his 1932 address to the Democratic National Convention: While [Republicans] prate of economic laws, men and women are starving. We must lay hold of the fact that economic laws are not made by nature.They are made by human beings..et most economists, including defenders of the New Deal, do agree that Roosevelt's policies were far from perfect. The National Industrial Recovery Act of 1933, in particular, gets a lot of blame.