Changes

Winters (1990) examines Harding's farm policies and those of Henry Cantwell Wallace, the Secretary of Agriculture (1921-24). Wallace's handling of the postwar collapse of land values and the weakening of the farm economy was inconsistent and largely ineffective because of conflicting views of the value of agriculture in society. On one hand, he saw farming as a business that needed to improve its efficiency;  on the other hand, he saw farmers as "yeoman," a special group, embodying republican virtues of independence, which deserved to be subsidized. Programs based on one view often negated those based on the other.  Hoover meanwhile argued that the long-term solution lay in modernizing agricultural machinery, seeds, animal breeding and, especially, business practices.

Winters (1990) examines Harding's farm policies and those of Henry Cantwell Wallace, the Secretary of Agriculture (1921-24). Wallace's handling of the postwar collapse of land values and the weakening of the farm economy was inconsistent and largely ineffective because of conflicting views of the value of agriculture in society. On one hand, he saw farming as a business that needed to improve its efficiency;  on the other hand, he saw farmers as "yeoman," a special group, embodying republican virtues of independence, which deserved to be subsidized. Programs based on one view often negated those based on the other.  Hoover meanwhile argued that the long-term solution lay in modernizing agricultural machinery, seeds, animal breeding and, especially, business practices.

===Foreign and military affairs===

===Foreign and military affairs===

Grant (1995) shows that during World War I the U.S. loaned ove $4 billion to Britain. This British war debt was not part of the agenda of the Paris Peace Conference or the 1921 settlement of the Reparation Commission. In response to an appeal by President Harding in his 1921 state of the union address, Congress passed the World War Foreign Debt Commission Act in 1922. The commission was mandated to determine each European nation's debt and negotiate payment over a period up to 25 years. In 1923 the British government agreed to pay $4.6 billion, with an initial payment of $4.1 million, the remainder to be paid over 62 years at 3% interest for the first ten years, 3.5% thereafter.  Britain was able to pay because it received large war repoarations annually from Germany. Germany in turn borrowed the money from the U.S.  During the [[Great Depression]] President [[Herbert Hoover]] suspended all payyments, and they were never resumed.

Grant (1995) shows that during World War I the U.S. loaned over $4 billion to Britain. This British war debt was not part of the agenda of the Paris Peace Conference or the 1921 settlement of the Reparation Commission. In response to an appeal by President Harding in his 1921 state of the union address, Congress passed the World War Foreign Debt Commission Act in 1922. The commission was mandated to determine each European nation's debt and negotiate payment over a period up to 25 years. In 1923 the British government agreed to pay $4.6 billion, with an initial payment of $4.1 million, the remainder to be paid over 62 years at 3% interest for the first ten years, 3.5% thereafter.  Britain was able to pay because it received large war repoarations annually from Germany. Germany in turn borrowed the money from the U.S.  During the [[Great Depression]] President [[Herbert Hoover]] suspended all payyments, and they were never resumed.

Irwin (2003) shows that the Harding Navy department oversaw or initiated the development of fleets of aircraft carriers, the strengthening of submarine forces and naval aviation, and the Marine Corps' adoption of amphibious assault strategies, all of which contributed significantly to US naval success in World War II.

Irwin (2003) shows that the Harding Navy department oversaw or initiated the development of fleets of aircraft carriers, the strengthening of submarine forces and naval aviation, and the Marine Corps' adoption of amphibious assault strategies, all of which contributed significantly to US naval success in World War II.