Abstract

Tyler Cowen's ?Why Keynesianism Triumphed? proposed that only Keynesian economists have presented a successful explanation for the Great Depression of 1929?1933 and the continuing slow and intermittent recovery of the rest of the 1930s. This paper examines recent scholarship on the 1930s and finds that there is increasing doubt about the validity of Keynesian explanations, lending credence to both older and recent scholarship that vindicates free?market views of why the Depression happened and why the recovery was so slow and uneven.