Why Did the Roosevelt Administration Think Cartels, Higher Wages, and Shorter Workweeks Would Promote Recovery from the Great Depression?
By Bernard C. Beaudreau, Jason E. Taylor
This article appeared in the Summer 2018 issue of The Independent Review
President Franklin D. Roosevelts National Industrial Recovery Act of 1933 authorized policies that todays mainstream economic theory views as contractionary. During the depths of the Great Depression, however, many viewed the legislation not as a risky departure from orthodoxy, but instead as a collection of familiar measures that had already been implemented on a smaller scale.
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