By William J. Barber
In well known imagery, Herbert Hoover is frequently stereotyped as a 'do-nothing' president who provided purely nineteenth-century slogans for the best fiscal disaster in twentieth-century American heritage. not anything may be farther from the reality. This learn examines the homes of an leading edge method of fiscal development and balance formulated via Hoover and his affiliates in the course of his years as secretary of trade (1921-9) and inspects his deployment of this approach from the White residence following the good Crash within the autumn of 1929. realization is then inquisitive about Hoover's makes an attempt to reformulate his macro-economic programme because the melancholy deepened in overdue 1931 and 1932. Archival fabrics offer arresting insights into Hoover's aspirations for a brand new establishment - the Reconstruction Finance firms - as a automobile for exciting funding via a unique type of 'off-budget' financing. to counterpoint the dialogue of Hoover's theories of monetary coverage of their a number of manifestations, the perspectives of latest economists on difficulties of the day are surveyed.
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Extra resources for From New Era to New Deal: Herbert Hoover, the Economists, and American Economic Policy, 1921-1933 (Historical Perspectives on Modern Economics)
Example text
For both employer and employee to think in terms of the mutual interest of increased production has gained greatly in strength. 57 A voice from the academic community spoke with much less restraint. Thomas Nixon Carver, professor of political economy at Harvard, surveyed the American scene in 1925 as follows: To be alive today, in this country, and to remember the years from 1870 to 1920 is to awake from a nightmare. Those were the years when our ideals were all but obscured by floods of cheap laborers upon whose cheap labor great fortunes were made, and byfloodsof abuse because we were not instantaneously solving all the social and economic problems these newcomers were inflicting upon us.
We would in fact abolish acute unemployment and wasteful extravagance. 28 This was a call for indicative planning on a grand scale. The freedom of private businesses and state and local officials to make their own decisions was not to be compromised. But an audible voice, if not a visible hand, should assist them. These considerations in turn strengthened the case for improving the statistical services of the federal government. 29 Though the group called to Washington for the President's Con- 20 From new era to New Deal ference on Unemployment adjourned its plenary sessions in October 1921, it did not disband as an organization.
At that time, Hoover took exception to the Federal Reserve's policy of monetary ease, a policy that he feared was both The ingredients of a model of a new economics 27 allowing the economy to overheat and fueling speculative activity by financing the purchase of stocks through loans to brokers. 50 And he was sharply critical of the Federal Reserve's failure to work out arrangements to discourage banks from lending for stock market transactions. As Hoover's surrogate, Lenroot obligingly pressed the Federal Reserve on these points, though to no avail.