Changes

President [[Woodrow Wilson]], a Democrat, used World War I as a pretext to impose his "progressive" agenda, including federal control of the national economy. Americans reacted by voting for Warren Harding and "normalcy" in 1920. The election of 1924 was the "high tide" of American conservatism, with both major party nominees for president espousing conservative views.<ref>Tucker III, Garland S., ''The High Tide of American Conservatism: Davis, Coolidge and the 1924 Election'' (2010)</ref> The 1920s was also a golden age of conservative writing. Irving Babbitt wrote the classic ''Democracy and Leadership'' (1924). The Democratic Party returned to liberal control when New York Governor [[Al Smith]] was nominated for president in 1928.

President [[Woodrow Wilson]], a Democrat, used World War I as a pretext to impose his "progressive" agenda, including federal control of the national economy. Americans reacted by voting for Warren Harding and "normalcy" in 1920. The election of 1924 was the "high tide" of American conservatism, with both major party nominees for president espousing conservative views.<ref>Tucker III, Garland S., ''The High Tide of American Conservatism: Davis, Coolidge and the 1924 Election'' (2010)</ref> The 1920s was also a golden age of conservative writing. Irving Babbitt wrote the classic ''Democracy and Leadership'' (1924). The Democratic Party returned to liberal control when New York Governor [[Al Smith]] was nominated for president in 1928.

===The 1930s: Liberalism ascendant===

===The 1930s: Liberalism ascendant===

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.