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Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War
By Robert HiggsEvidence from public opinion polls and corporate bond markets shows that FDR’s policies prevented a robust recovery of long-term private investment by significantly reducing investors’ confidence in the durability of private property rights. Not until the New Deal/war economy ended and resources became available for peacetime production did private investment—and the nation’s economic health—fully recover.
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