FDR's Folly - Jim Powell

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FDR's Folly - Jim Powell

Post by xbacksideslider » Wed Mar 10, 2010 8:55 pm

Jim Powell's FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression : Crown Forum

Simply excellent history from a Cato fellow.

Much of the debate today tracks what happened back then. Powell reminds us that under FDR unemployment hovered at 17%, taxes were doubled, rationing and wage/price controls were imposed, and hiring and investment were disincentivized. Capital was intimidated and went on strike. Racist subsidies and labor policies discriminated against Blacks.

I was prompted to read Powell after reading Amity Shlaes' The Forgotten Man: A New History of the Great Depression HarperCollins
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand