The economic argument connects the Depression with weakened confidence in banks and restricted flows of money between them. Continued employment helps keep money circulating through the economy. An established shipbuilding programme supplies yards with recurring contracts and sustains a section of the workforce, including during an economic downturn. The earlier discussion of a hypothetical 1927 treaty programme illustrates that continuity. Emergency building programmes involve a different calculation because borrowing draws on future state income and taxation to support the economy immediately. This is a broad historical explanation rather than a detailed economic model.
Chapter · 11:38-15:43
Continuous shipbuilding, employment, and capital flow
Recurring naval contracts sustain employment and capital circulation during a downturn; emergency stimulus adds a different question about borrowing against future state income.