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by paulddraper
2899 days ago
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Virtually all credible historians agree that the New Deal itself was largely ineffective in solving the Great Depression. It started in 1933 with unemployment rate of 25%. Half a decade and many millions of dollars later, unemployment was 19%. [1] The Great Depression ended only when Europe went to war in 1939 and financed the American economy. Depending on who you ask, the New Deal was either ineffective because it was fundamentally flawed, or ineffective because it wasn't big enough and didn't raise enough debt. [2] Basically, "economic science" as usual... [1] https://www.u-s-history.com/pages/h1528.html [2] https://en.wikipedia.org/wiki/New_Deal#Recovery_2 |
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It seems unlikely that some huge portion (say, > 90%) of those historians further believe that New Deal policies had no or little positive effect on the Great Depression. Are the "credible historians" just the ones who happen to agree with you on this topic?