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===Did the New Deal end the Great Depression?===

===Did the New Deal end the Great Depression?===

One study found that New Deal policies actually prolonged the depression by about seven years.<ref>Harold L. Cole and Lee E. Ohanian, "[http://www.journals.uchicago.edu/doi/pdf/10.1086/421169 New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis]," ''Journal of Political Economy'', Vol. 112, No. 4 (August 2004), pp. 779-816; Harold L. Cole and Lee E. Ohanian, "[http://www.economics.hawaii.edu/research/seminars/02-03/02-21.pdf New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis]," Federal Reserve Bank of Minneapolis Research Department Staff Report XXX, February 2003. Cf. Meg Sullivan, "[http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx FDR's policies prolonged Depression by 7 years, UCLA economists calculate],  UCLA Newsroom, August 10, 2004</ref> In fact, Americans' personal consumption did not rebound to 1929 levels until 1941.<ref>[http://www.census.gov/statab/hist/02HS0034.xls No. HS--34. Personal Consumption Expenditures in Current and Real (1996) Dollars, 1929 to 2001], The 2009 Statistical Abstract: Historical Statistics, U.S. Census Bureau</ref> "[T]he consensus among historians today," writes Schivelbusch, is "that the United States completely emerged from the Depression only with its entry into World War II."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, p. 26</ref> (Some economists challenge this consensus, notably Robert Higgs.)<ref>Robert Higgs, "[http://www.independent.org/newsroom/article.asp?id=138 Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s]," ''The Journal of Economic History'', March 1, 1992</ref>

One study found that New Deal policies actually prolonged the depression by about seven years.<ref>Harold L. Cole and Lee E. Ohanian, "[http://www.journals.uchicago.edu/doi/pdf/10.1086/421169 New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis]," ''Journal of Political Economy'', Vol. 112, No. 4 (August 2004), pp. 779-816; Harold L. Cole and Lee E. Ohanian, "[http://www.economics.hawaii.edu/research/seminars/02-03/02-21.pdf New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis]," Federal Reserve Bank of Minneapolis Research Department Staff Report XXX, February 2003. Cf. Meg Sullivan, "[http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx FDR's policies prolonged Depression by 7 years, UCLA economists calculate],  UCLA Newsroom, August 10, 2004</ref> In fact, Americans' personal consumption did not rebound to 1929 levels until 1941.<ref>[http://www.census.gov/statab/hist/02HS0034.xls No. HS--34. Personal Consumption Expenditures in Current and Real (1996) Dollars, 1929 to 2001], The 2009 Statistical Abstract: Historical Statistics, U.S. Census Bureau</ref> "[T]he consensus among historians today," writes Schivelbusch, is "that the United States completely emerged from the Depression only with its entry into World War II."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, p. 26</ref> (Some economists challenge this consensus, notably Robert Higgs.)<ref>Using the Friedman-Schwartz price index to deflate personal consumption spending per capita, Higgs concludes that real consumption per capita declined by more than 6 percent during 1941-1943, and in 1945 had not recovered to the level of 1941. Robert Higgs, "[http://www.independent.org/newsroom/article.asp?id=138 Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s]," ''The Journal of Economic History'', March 1, 1992</ref>

===Was Nazism a capitalist plot?===

===Was Nazism a capitalist plot?===