Socialism and Wages in the Recovery from the Great Depression in the United States and Germany

Peter Temin

The Journal of Economic History, 1990, vol. 50, issue 2, 297-307

Abstract: The sustained unemployment in the United States during the recovery from the Great Depression has proved difficult to explain, as has the rapid elimination of unemployment in Germany. I argue that employment in the United States was restricted by high wages, which government policy raised above the level of efficiency wages. Socialist control and military expansion by the Nazis reduced unemployment, but also held down consumption.

Date: 1990
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