ABSTRACT
This chapter begins in the year of the Wall Street crash and ends in the year in which the Bretton Woods system broke down. The earlier pluralism of ideas and methods had given way to an increasingly monolithic neoclassical mainstream, which was exerting great influence over the ways in which economics was taught and practised all over the world. For most of the period the 'Other Voices' and 'Crosscurrents' were operating in an increasingly difficult intellectual and institutional environment. Other non-Keynesian macroeconomists maintained that it was the series of bank failures in 1930–1933, and the associated sharp decline in the stock of money, that was responsible for the severity of the Depression. The Arrow-Debreu model was undoubtedly an important milestone in the process whereby "economics became a mathematical science". Arrow was more interested in the application of economic theory and published extensively on health economics, social investment, learning by doing, and the understanding of economic growth.
