Financing Industrial Expansion for War: The Origin of the Defense Plant Corporation Leases1

Gerald T. White

The Journal of Economic History, 1949, vol. 9, issue 2, 156-183

Abstract: One of the recent tendencies in the United States has been the movement away from private methods of finance to finance through government agencies, a trend that has been particularly noticeable during periods of national catastrophe such as wars and depressions. In these periods we have seen, in addition to other sources of government financing, the use of the War Finance Corporation during World War I and the use on a far larger scale of the Reconstruction Finance Corporation during the Great Depression and World War II.During World War II two thirds of a total expenditure for industrial facilities of approximately $25 billion was directly financed by the government. In contrast, during the three-year period of 1917–1919, only about one tenth of the $6 billion in new facilities under construction was directly financed by the government.

Date: 1949
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