Horwitz

“Roosevelt had dogmas of his own, but within them came a hodge-podge of ad hoc policies that could hardly be called a coherent regime and, in any case, was not even focused on recovery per se. Finally, the statism that ramped up under Hoover and grew to virulence under Roosevelt was the basic reason recovery never came during Roosevelt’s lifetime. True recovery did not take place until after World War II when certainty of the rules, albeit now much more statist, was restored.”

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