ABSTRACT
Of the various expansionist theories, that of spending was adopted to the largest degree during the depression. Needless to say, public works are almost as old as man himself. Nor is there anything new in the execution of public works for the sake of reducing unemployment. Such a policy was adopted towards the middle of the nineteenth century in France and in other countries when adverse conditions threw too many hands out of work. There is, however, a considerable difference between such haphazard public works schemes as have been undertaken on rare occasions in the past for the purpose of reducing unemployment, and the systematic and deliberate policy adopted by a number of countries during the depression. It is the first time that spending on public works has come to be regarded as a means of monetary policy.
