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From New Era to New Deal

Author

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  • Barber,William J.

Abstract

In popular imagery, Herbert Hoover is often stereotyped as a 'do-nothing' president who offered only nineteenth-century slogans for the greatest economic catastrophe in twentieth-century American history. Nothing could be further from the truth. This study examines the properties of an innovative approach to economic growth and stability formulated by Hoover and his associates during his years as secretary of commerce (1921–9) and inspects his deployment of this strategy from the White House following the Great Crash in the autumn of 1929. Attention is then focused on Hoover's attempts to reformulate his macro-economic programme as the depression deepened in late 1931 and 1932. Archival materials provide arresting insights into Hoover's aspirations for a new institution - the Reconstruction Finance Corporations - as a vehicle for stimulating investment through a novel form of 'off-budget' financing. To complement the discussion of Hoover's theories of economic policy in their various manifestations, the views of contemporary economists on problems of the day are surveyed.

Suggested Citation

  • Barber,William J., 1989. "From New Era to New Deal," Cambridge Books, Cambridge University Press, number 9780521367370, July.
  • Handle: RePEc:cup:cbooks:9780521367370
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    Cited by:

    1. Jonathan Michie (ed.), 2011. "The Handbook of Globalisation, Second Edition," Books, Edward Elgar Publishing, number 14082.
    2. Leonardo Burlamaqui & Ernani T. Torres Filho, 2020. "The COVID-19 Crisis: A Minskyan Approach to Mapping and Managing the (Western?) Financial Turmoil," Economics Working Paper Archive wp_968, Levy Economics Institute.
    3. Albrecht Ritschl & Monique Ebell, 2007. "Real Origins of the Great Depression: Monopoly Power, Unions and the American Business Cycle in the 1920s," 2007 Meeting Papers 712, Society for Economic Dynamics.
    4. A. M. Endres & G. A. Fleming, 1999. "Public investment programmes in the interwar period: the view from Geneva," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(1), pages 87-109.
    5. Geoffrey M. Hodgson, 2019. "The great crash of 2008 and the reform of economics," Chapters, in: Jonathan Michie (ed.), The Handbook of Globalisation, Third Edition, chapter 28, pages 439-456, Edward Elgar Publishing.
    6. Giocoli, Nicola, 2008. "Competition vs. property rights: American antitrust law, the Freiburg School and the early years of European competition policy," MPRA Paper 33807, University Library of Munich, Germany.
    7. Ronnie Phillips, 1992. "The 'Chicago Plan' and New Deal Banking Reform," Economics Working Paper Archive wp_76, Levy Economics Institute.
    8. Thierry Kirat & Frédéric Marty, 2020. "From the First World War to the National Recovery Administration (1917-1935) - The Case for Regulated Competition in the United States during the Interwar Period," Working Papers halshs-03052417, HAL.
    9. Nicholas Crafts & Peter Fearon, 2010. "Lessons from the 1930s Great Depression," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 285-317, Autumn.
    10. Richard Adelstein, 2018. "Border Crossings," Wesleyan Economics Working Papers 2018-006, Wesleyan University, Department of Economics.
    11. Marion Fourcade & Rakesh Khurana, 2013. "From social control to financial economics: The linked ecologies of economics and business in twentieth century America," Sciences Po publications info:hdl:2441/5oi5d12qn39, Sciences Po.
    12. Nicola Giocoli, 2009. "Competition Versus Property Rights: American Antitrust Law, The Freiburg School, And The Early Years Of European Competition Policy," Journal of Competition Law and Economics, Oxford University Press, vol. 5(4), pages 747-786.
    13. John F. Henry, 2018. "Reflections on the New Deal: The Vested Interests, Limits to Reform, and the Meaning of Liberal Democracy," Economics Working Paper Archive wp_905, Levy Economics Institute.
    14. Harold James, 1992. "Financial flows across frontiers during the interwar depression," Economic History Review, Economic History Society, vol. 45(3), pages 594-613, August.
    15. Ebell, Monique. & O'Higgins, Niall., 2015. "Fiscal policy and the youth labour market," ILO Working Papers 994898963402676, International Labour Organization.
    16. Fontaine, Philippe & Pooley, Jefferson, 2020. "Introduction: Whose Social Problems?," SocArXiv w59f3, Center for Open Science.

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