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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


Abstract

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
    Spring 2015   Compassion—a Critical Factor for Attaining and Maintaining a Free Society
    Winter 2015   Tolstoy’s Manifesto on the State, Christian Anarchy, and Pacifism
    Fall 2014   Ronald Coase, Anomalous Superstar of the Economics Profession
[View All (49)]



Volume 1 Number 4
Spring 1997

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