Fortune has an article on the growingly common criticism that FDR's New Deal actually prolonged the Great Depression
. The conclusion is that it probably wasn't as good as the fans claim or as bad as the critics complain. But I found an interesting juxtaposition of information. Here are statements from the article:
- "Roosevelt's programs were first passed in 1933 but economists generally agree that the Great Depression did not end until 1939, when the country began preparing for World War II."
- "On the more dire end of the scale, Harold L. Cole and Lee E. Ohanian, economics professors at the University of Pennsylvania and UCLA respectively, estimate the New Deal's labor and industrial policies caused the Depression to last seven years longer than otherwise."
Does that mean that the Depression should have been over two years before the New Deal was even passed?
Labels: economics, FDR, Great Depression