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
    Winter 2016   Ludwig von Mises and Dietrich von Hildebrand: Some Remarkable Parallels
    Fall 2015   How Big Is Government in the United States?
    Summer 2015   Gross Domestic Product—an Index of Economic Welfare or a Meaningless Metric?
[View All (52)]



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