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American conservatism (view source)
Revision as of 22:41, February 16, 2021
, 22:41, February 16, 2021→The 1930s: Liberalism ascendant
===The 1930s: Liberalism ascendant===
===The 1930s: Liberalism ascendant===
[[File:Josiah Bailey speaking 1940.jpg|thumb|right|200px|Democrat [[Josiah Bailey]] led a bipartisan pro-[[free market]] opposition to Roosevelt's liberal policies.]]
Deflationary policies initiated by the Federal Reserve Board Governor Benjamin Strong led to a depression in 1929-1934 under President Hoover.<ref>Roberts, Priscilla, "[http://richmondfed.org/publications/research/economic_quarterly/2000/spring/pdf/roberts.pdf Benjamin Strong, the Federal Reserve, and the Limits to Interwar American Nationalism]". Milton Friedman and Anna Jacobson
Deflationary policies initiated by the Federal Reserve Board Governor Benjamin Strong led to a depression in 1929-1934 under President Hoover.<ref>Roberts, Priscilla, "[http://richmondfed.org/publications/research/economic_quarterly/2000/spring/pdf/roberts.pdf Benjamin Strong, the Federal Reserve, and the Limits to Interwar American Nationalism]". Milton Friedman and Anna Jacobson
Schwartz unravelled the origin of the Depression in ''A Monetary History of the United States 1867–1960'' (Princeton: Princeton University Press, 1963), 282–284, 288.</ref> In 1933, Franklin Roosevelt, the newly elected Democratic president, wisely allowed a banking panic to run its course. A recovery of historic proportions followed. Liberalism and Roosevelt's "New Deal" got the credit, but the deleveraging of the banking system was almost certainly a more significant factor.
Schwartz unravelled the origin of the Depression in ''A Monetary History of the United States 1867–1960'' (Princeton: Princeton University Press, 1963), 282–284, 288.</ref> In 1933, Franklin Roosevelt, the newly elected Democratic president, wisely allowed a banking panic to run its course. A recovery of historic proportions followed. Liberalism and Roosevelt's "New Deal" got the credit, but the deleveraging of the banking system was almost certainly a more significant factor.