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Volume 1  Number 4  •  Spring 1997
Other Issues:  

Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War
By Robert Higgs
This article appeared in the Spring 1997 issue of The Independent Review

Evidence 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.


Other Independent Review articles by Robert Higgs
    Fall 2017   Freedom of Movement—the Sine Qua Non of Economic Prosperity and Progress
    Summer 2017   Moderation in Response to Provocation Is No Vice
    Winter 2017   First, Do No Harm
[View All (57)]







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