The Mudcat Café TM
Thread #67393 Message #1128712
Posted By: Strick
03-Mar-04 - 06:21 PM
Thread Name: BS: He kept Our Boys out of Haiti
Subject: RE: BS: He kept Our Boys out of Haiti
Bobert, I'm confident when I say that most economists think that the New Deal had a marginal impact on the Depression and that it did less to end the Depression than WWII for one or more of the reasons I stated. The statistics alone are impossible to ignore.
Then there are the different schools of economic thought. If you're a monetarist, well, the New Deal ignored monetary policy altogether and the Fed unknowingly worked against what would be considered good policy today. If you're a Keynesian (or whatever followed that line into this generation of economists) you're comfortable it just wasn't enough money to do much good. If you're a Communist, well, you're the last one, but you'd certainly agree that a Capitalist can only end a recession or worse through a war. There are other schools of thought, but most economists fall in one of those three.
I wasn't disputing the social impact of the New Deal, just it's effectiveness as an economic stimulant. It failed.