America to Repeat the Horrors of the Great Depression
Halfway through my reading of America's Great Depression.
Interesting fact: President Herbert Hoover, most well-known in history texts for his laissez-faire policies that supposedly perpetuated the depression, was in reality a pioneer of interventionist policies.
Despite all of government's interventions, the Depression was the worst in America's history. In fact, one might be inclined to believe that the interventions were really interferences, hence the slow pace of recovery.
Japan itself lost almost 20 years due to various governmental attempts to bolster the economy. By failing to weed out the weak, the rot continue to manifest in the economy, preventing the nation from recovery.
History suggests that recovery is usually hampered by governmental interventions. But politics are such that this will never take place. Governments must be seen as making serious attempts at repairing the economy, even if they have a most terrible track record.
Interesting fact: President Herbert Hoover, most well-known in history texts for his laissez-faire policies that supposedly perpetuated the depression, was in reality a pioneer of interventionist policies.
Despite all of government's interventions, the Depression was the worst in America's history. In fact, one might be inclined to believe that the interventions were really interferences, hence the slow pace of recovery.
Japan itself lost almost 20 years due to various governmental attempts to bolster the economy. By failing to weed out the weak, the rot continue to manifest in the economy, preventing the nation from recovery.
History suggests that recovery is usually hampered by governmental interventions. But politics are such that this will never take place. Governments must be seen as making serious attempts at repairing the economy, even if they have a most terrible track record.
posted by Jeremy at 10:16 PM
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