Abstract
America in the early twentieth century was an uneasy alliance of agriculture, industry, and finance, laid bare in the speculative boom of 1929, subsequent crash, and Great Depression of the 1930s. The pioneering west versus the financial control of the east. The New Deal reflected those different concerns, balanced with the needs of the population and democracy as a whole, as it sought to find the right mix of planning and control in an essentially capitalist system while avoiding the fascism of monopoly or the totalitarianism of a planned socialist economy.
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Notes
- 1.
The ten canvas panels are now in the Metropolitan Museum of Art: Instruments of Power, City Activities with Dance Hall, City Activities with Subway, Deep South, Midwest, Changing West, Coal, Steel, City Building, and Outreaching Hands.
- 2.
The New School was a graduate level offshoot of Institutionalist tradition at Columbia, with a new academic freedom “to seek an unbiased understanding of the existing order, its genesis, growth and present working” (quoted in New York Times, 1919-09-30: 20), its courses concentrated on economics, business science, public finance, and quantitative methods. The founders included Thorstein Veblen and Wesley Mitchell.
- 3.
Bibliography
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Hansen, A.H. (1938a) Full recovery or stagnation?, (with a forward to the English edition By Arthur D. Gayer). London: Adam & Charles Black, New York: W.W. Norton.
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Tooze, A. (2014) The deluge. London: Allen Lane.
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Bigg, R.J. (2023). Introduction. In: Alvin Hansen. Great Thinkers in Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-42216-4_1
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