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View Diary: FDR and the New Deal Did Not Prolong the Great Depression (56 comments)

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  •  Depends on your perspective (6+ / 0-)

    As far as what to do, it's important to remember that FDR and other leaders at the time were pretty much making it up as they went.  Keynes' general theory wasn't published until 1936 - 7 years into the depression.  Many aspects of the New Deal worked, others didn't and FDR had no problem getting rid of what didn't work.  Keynes was drawing on the experience of the New Dealers in crafting his general theory.  My point is that they did the best they could with the information at the time and since it was WWII spending that brought the US out of the depression, the conclusion is the New Deal needed to be bigger.

    From where we sit today, we can see that Keynes' model was successful decades, that especially in the English speaking world it was abandoned in favor of neo-liberal economic theories and that the economy has been less stable as a result.  To my mind, part of what we have to do is be aware of history and study it well and be prepared to answer rightwing distortions and propaganda.

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