1930s Quote by Barry Eichengreen
“Why was there so much work-sharing in the 1930s? One reason is that government pushed for it. In his memoirs, President Herbert Hoover estimated that as many as two million workers avoided unemployment as a result of his efforts to promote work-sharing.”
About This Quote
Source Book: Globalizing Capital: A History of the International Monetary System, 2008
Government‑driven work‑sharing in the 1930s aimed to keep workers employed and stabilize the economy during the Great Depression.
In simple terms: Work‑sharing was a policy to avoid unemployment.
Key Takeaway
Consider coordinated labor policies in crises.
Themes
economics
history
policy
labor markets
Mood
analytical
critical
Type
historical
policy
When to use this quote
- economic downturns
- policy design
- union negotiations
- government planning
Key Concepts
employment protection
government intervention
social safety nets
Questions to Reflect On
- How would modern economies use work‑sharing?
- What are the trade‑offs?
A Different Perspective
Work‑sharing can reduce wages and may be politically unpopular.
