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The New Deal

"The New Deal" is the name of series of legislative initiatives between 1933 and 1938 which greatly expanded governments role in the economy with . FDR helped create agencies like the, National Recovery Administration, Civilian Conservation Corps, the Works Progress Administration, Securities and Exchange Commission, the National Labor Relations Board in order to reinvigorate the economy. Despite FDR’s intentions, New Deal programs had the opposite effect. The government out-competed the private sector for resources while creating many jobs for which there was no consumer demand. This not only harmed existing businesses, but caused what economic historian Robert Higgs calls regime uncertainty as entrepreneurs refrained from starting new projects since they could not appropriately anticipate the effects of future government interventions.

 

Burt and Anita Folsom - FDR, the New Deal, and the Expansion of Federal Power (Reason TV)

 

Burt Folsom - FDR and the Great Depression

FDR and the Great Depression from FEE on Vimeo.

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December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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