B005HFI0X2 EBOK (62 page)

2.
William E. Leuchtenberg,
Herbert Hoover
(New York: Henry Holt, 2009), 129. On the 1929 crash and what led up to it, see John Kenneth Galbraith,
The Great Crash 1929
, 50th anniversary edition (New York: Houghton Mifflin, 1988); Liaquat Ahamed,
Lords of Finance: The Bankers Who Broke the World
(New York: Penguin, 2009).

3.
Jude Wanniski,
The Way the World Works
(New York: Basic Books, 1978), 125.

4.
Richard N. Cooper, “Trade Policy as Foreign Policy,” in
U.S. Trade Policies in a Changing World Economy
, ed. Robert M. Stern (Cambridge, MA: MIT Press, 1987), 291–92.

5.
Alfred E. Eckes Jr.,
Opening America’s Market
(Chapel Hill: University of North Carolina Press, 1995), 108.

6.
Peter Temin,
Lessons from the Great Depression
(Cambridge, MA: MIT Press, 1989), 46.

7.
See Gertrud M. Fremling, “Did the United States Transmit the Great Depression to the Rest of the World?”
American Economic Review
75, no. 5 (December 1985): 1181–85; Ian Fletcher, “Protectionism Didn’t Cause the Great Depression,”
Huffington Post
, April 6, 2010.

8.
Barry Eichengreen, “The Political Economy of the Smoot-Hawley Tariff,” in
Research in Economic History
, ed. Roger L. Ransom (Greenwich, CT: JAI Press, 1989), 12:25–29.

9.
Milton Friedman and Anna Jacobson Schwartz,
A Monetary History of the United States, 1867–1960
(Princeton, NJ: Princeton University Press, 1963).

10.
For different interpretations of the Great Depression, see John Kenneth Galbraith,
The Great Crash: 1929
(Boston: Houghton Mifflin, 1954); Friedman and Schwartz,
A Monetary History of the United States
; Milton Friedman and Anna Jacobson Schwartz,
The Great Contraction 1929–1933
(Princeton: Princeton University Press, 1965); Peter Temin,
Did Monetary Forces Cause the Great Depression?
(New York: Norton, 1976); Barry J. Eichengreen,
Golden Feathers: The Gold Standard and the Great Depression
(New York: Oxford University Press, 1996); Liaquat Ahamed,
Lords of Finance: The Bankers Who Broke the World
(New York: Penguin Press, 2009).

11.
William Trufant Foster and Waddill Catchings,
Profits
(Boston and New York: Houghton Mifflin, 1925);
Business Without a Buyer
(Boston: Houghton Mifflin, 1927);
The Road to Plenty
(Boston and New York: Houghton Mifflin, 1928);
Progress and Plenty
(Pollack Foundation for Economic Research, 1929);
Money
(Boston and New York: Houghton Mifflin, 1932).

12.
Edward A. Filene,
Successful Living in This Machine Age
(New York: Simon & Schuster, 1932), 45.

13.
Marriner Stoddard Eccles,
Beckoning Frontiers
(New York: Alfred A. Knopf, 1951), 77.

14.
Donald J. Beaudreaux,
Globalization
(Westport, CT: Greenwood Press, 2008), 112.

15.
Herbert Hoover, “Address Accepting the Republican Presidential Nomination” (speech, Washington, DC, August 11, 1932), http://american history.about.com/library/docs/blhooverspeech1932.htm (accessed November 2, 2011).

16.
Walter Lippmann, “The Permanent New Deal,”
Yale Review
24 (1935): 649–67.

17.
Marc Allen Eisner,
From Warfare State to Welfare State: World War I, Compensatory State Building, and the Limits of the Modern Order
(University Park: Pennsylvania State University Press, 2000), 276.

18.
Ibid.

19.
Murray Newton Rothbard,
America’s Great Depression
(Kansas City, KS: Sheed & Ward, 1975), 217; J. M. Clark, “Public Works and Unemployment,”
American Economic Review
, Papers and Proceedings (May 1930), 15ff.

20.
Eisner,
From Warfare State to Welfare State
, 278.

21.
Rothbard,
America’s Great Depression
, 243.

22.
Ibid., 44.

23.
Eisner,
From Warfare State to Welfare State
, 284; Gerald D. Nash, “Herbert Hoover and the Origins of the Reconstruction Finance Corporation,”
Mississippi Valley Historical Review
46, no. 3 (December 1959): 455–68.

24.
William John Shultz and M. R. Caine,
Financial Development of the United States
(New York: Prentice-Hall, 1937), 656; Eisner,
From Warfare State to Welfare State
, 290.

25.
Eisner,
From Warfare State to Welfare State
, 296.

26.
Hoover memorandum quoted in William Starr Myers and Walter Hughes Newton,
The Hoover Administration: A Documented Narrative
(London: Charles Scribner’s Sons, 1936), 119.

27.
Quoted in Myers and Newton,
The Hoover Administration
, 249–50.

28.
Roy F. Harrod,
The Life of John Maynard Keynes
(New York: Harcourt Brace, 1951), 437–48.

29.
Paul Krugman,
The Return of Depression Economics and the Crisis of 2008
(New York: W. W. Norton, 2008).

30.
Herbert Hoover,
The Memoirs of Herbert Hoover: The Great Depression, 1929–1941
(New York: Macmillan, 1952).

31.
Quoted in Edward Angly,
Oh Yeah?
(New York: Viking, 1931), 22; Rothbard,
America’s Great Depression
, 268.

32.
Quoted in Paul Johnson,
A History of the American People
(New York: HarperCollins, 1998), 741.

33.
Quoted in Diego Pizano,
Conversations with Great Economists: Friedrich A. Hayek, John Hicks, Nicholas Kaldor, Leonid V. Kantorovich, Joan Robinson, Paul A. Samuelson, Jan Tinbergen
(Mexico City: Jorge Pinto Books, 2008).

34.
Rothbard,
America’s Great Depression
, 308.

35.
Henry C. Simons,
Economic Policy for a Free Society
(Chicago: University of Chicago Press, 1948), 75.

36.
Quoted in Johnson,
A History of the American People
, 741; John Hoff Wilson,
Herbert Hoover: Forgotten Progressive
(Boston: Little Brown, 1974).

37.
Daniel R. Fusfeld,
The Economic Thought of Franklin D. Roosevelt and the Origins of the New Deal
(New York: Columbia University Press, 1956), 267.

38.
Herbert Hoover, “Address Accepting the Republican Presidential Nomination,” http://americanhistory.about.com/library/docs/blhooverspeech1932 .htm (accessed November 2, 2011).

39.
Leuchtenberg,
Herbert Hoover
, 134.

40.
Quoted in Jordan A. Schwarz,
The Interregnum of Despair: Hoover, Congress, and the Depression
(Urbana: University of Illinois Press, 1970), 174.

41.
Hoover,
The Memoirs
of Herbert Hoover
,
1929–1941
, vol. 3.

42.
Thomas Ferguson, “From Normalcy to New Deal: Industrial Structure, Party Competition and American Public Policy During the Great Depression,”
International Organization
38, no. 1 (Winter 1984): 41–94; Thomas Ferguson, “Industrial Conflict and the Coming of the New Deal: The Triumph of Multinational Liberalism in America,” in
The Rise and Fall of the New Deal Order, 1930–1980
, ed. Steve Fraser and Gary Gerstle (New York: Oxford University Press, 2007), 3–31.

43.
Franklin Delano Roosevelt, First Inaugural Address, March 4, 1933, in Davis W. Houck,
FDR and Fear Itself: The First Inaugural Address
(College Station: Texas A&M University Press, 2002), 3–8.

44.
William L. Silber, “Why Did FDR’s Bank Holiday Succeed?” Federal Reserve Bank of New York,
Economic Policy Review
15, no. 1 (July 2009): 19–30.

45.
Charles W. Calomiris,
U.S. Bank Deregulation in Historical Perspective
(New York: Cambridge University Press, 2000), 175.

46.
Franklin Delano Roosevelt
, Public Papers and Addresses of Franklin D. Roosevelt
, vol. 1,
The Genesis of the New Deal, 1928–32
(New York: Random House, 1938); quoted in Ronald Edsforth,
The New Deal: America’s Response to the Great Depression
(Malden, MA: Blackwell, 2000), 57.

47.
Arthur M. Schlesinger Jr.,
The Age of Roosevelt
, vol. 2,
The Coming of the New Deal
(Boston: Houghton Mifflin, 1958), 96–98.

48.
John Patick Diggins,
Mussolini and Fascism: The View from America
(Princeton, NJ: Princeton University Press, 1972), 280.

49.
Ibid., 279.

50.
“Churchill Extols Fascismo for Italy,”
New York Times
, January 21, 1927.

51.
Ludwig von Mises,
Liberalism in the Classical Tradition
, 3rd ed. (Irvington-on-Hudson, NY, and San Francisco: Foundation for Economic Education and Cobden Press, 1985), 51.

52.
Franklin D. Roosevelt, “The Forgotten Man” (speech, Albany, New York, April 7, 1932), in
Public Papers and Addresses of Franklin D. Roosevelt
, vol. 1,
The Year of Crisis 1933
(New York: Random House, 1938), 625.

53.
Harold Laski, “The Roosevelt Experiment,”
Atlantic
, February 1934.

54.
Franklin D. Roosevelt: “Statement on Signing the National Industrial Recovery Act,” June 16, 1933, American Presidency Project, http://www .presidency.ucsb.edu/ws/?pid=14669 (accessed October 5, 2011).

55.
Harriman, quoted in the
New York Times
, July 25, 1933, 2.

56.
New York Times
, July 25, 1933, 2.

57.
John Maynard Keynes, “An Open Letter to President Roosevelt,”
New York Times
, December 31, 1933.

58.
Arthur M. Schlesinger,
The Age of Roosevelt
, vol. 3,
The Politics of Upheaval
(Boston: Houghton Mifflin, 1958), 96–98, 404–406; quoted in Michael Janeway,
The Fall of the House of Roosevelt: Brokers of Ideas and Power from FDR to LBJ
(New York: Columbia University Press, 2004), 37.

59.
Roosevelt, “The Forgotten Man,” 625.

60.
Quoted in Jordan A. Schwarz,
The Speculator: Bernard M. Baruch in Washington, 1917–1965
(Chapel Hill: University of North Carolina Press, 1981), 288.

61.
Butler Shaffer,
In Restraint of Trade: The Business Campaign Against Competition, 1918–1938
(Cranbury, NJ: Associated University Presses, 1997), 234.

62.
R. Alan Lawson,
A Commonwealth of Hope: The New Deal Response to Crisis
(Baltimore: Johns Hopkins University Press, 2006), 89.

63.
Thomas G. Corcoran, “Rendezvous with Destiny,” unpublished memoir, draft for “Law of Unintended Consequences” chapter, 9–10, Corcoran Papers, box 589, Library of Congress; quoted in Janeway,
The Fall of the House of Roosevelt
, 5. See also Schlesinger,
The Age of Roosevelt
, vol. 3,
The Politics of Upheaval
, 280.

64.
Amity Shlaes,
The Forgotten Man: A New History of the Great Depression
(New York: HarperCollins, 2007).

65.
“Arch Foes of NRA Vote for New Deal; All 16 Ballots in the Schechter Family Went to President Poultry Man Reveals,”
New York Times
, November 4, 1936; quoted in Eric Rauchway, “Big Gonif, Redux,” December 2, 2008,
The Edge of the American West
(blog), http://edgeofthewest .wordpress.com/2008/12/02/big-gonif-redux/ (accessed October 5, 2011).

66.
Gerald Starr,
Minimum Wage Fixing
(Geneva: International Labor Organization, 1981), 4–5.

67.
Social Security Online
, Research Note # 23, “Luther Gulick Memorandum,” www.socialsecurity.gov (accessed December 12, 2011).

68.
Dale Russakoff, “In Second Coal Rush, New Mind-Set in the Mines,”
Washington Post
, November 16, 2006.

69.
Irving Bernstein,
The New Deal Collective Bargaining Policy
(Berkeley: University of California Press, 1950), 25–26.

70.
Winifred D. Wandersee, “‘I’d Rather Pass a Law Than Organize a Union’: Frances Perkins and the Reformist Approach to Organized Labor.”
Labor History
, 34.1 (1993): 5–32.

71.
Eisner,
From Warfare State to Welfare State
, 333.

72.
Quoted in Richard O. Boyer and Herbert Morais,
Labor’s Untold Story
, 3rd ed. (New York: United Electrical, Radio, and Machine Workers of America [UE], 1980), 295.

73.
Roosevelt to Edward Mandell House (November 21, 1933), quoted in
F.D.R.: His Personal Letters, 1928–1945
, ed. Elliott Roosevelt (New York: Duell, Sloan and Pearce, 1950), 373.

74.
Frankin Delano Roosevelt, “Message to Congress on Curbing Monopolies” (speech, Washington, DC, April 29, 1938), http://www.presidency.ucsb.edu /ws/index.php?pid=15637#axzz1dirYhSso (accessed November 14, 2011).

75.
Marc Allen Eisner,
Antitrust
and the Triumph of Economics: Institutions, Expertise, and Policy Change
(Chapel Hill: University of North Carolina Press, 1991), 77–83.

76.
Wyatt Wells,
Antitrust and the Formation of the Postwar World
(New York: Columbia University Press, 2002), 41–42.

77.
Thurman Arnold,
Democracy and Free Enterprise
(Norman: University of Oklahoma Press, 1941), 37; quoted in Jordan A. Schwarz,
The New Dealers: Power Politics in the Age of Roosevelt
(New York: Knopf, 1993), xi; Janeway,
The Fall of the House of Roosevelt
, 37.