This study chronicles the revolution in fiscal policy that occurred in the United States between the administrations of Herbert Hoover and John F.Kennedy. Unforeseen by any economist or school of economics, this period saw the doctrine of balancing the budget give way to the principle of managing government expenditures and taxes to ensure stability and growth. The author vividly relates how the thinking and decisions of the leading participants interacted with changing conditions, objectives, and experience to produce this major change of policy. In addition to the complete text of the original 1969 edition, this volume includes a new introduction by the author covering the past 20 years.