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The Forgotten Man: A New History of the Great Depression Paperback – Illustrated, May 27, 2008

4.4 4.4 out of 5 stars 1,595 ratings

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In The Forgotten Man, Amity Shlaes, one of the nation's most-respected economic commentators, offers a striking reinterpretation of the Great Depression. She traces the mounting agony of the New Dealers and the moving stories of individual citizens who through their brave perseverance helped establish the steadfast character we recognize as American today.


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Editorial Reviews

Review

“Amity Shlaes is among the most brilliant of the young writers who are transforming American financial journalism.” — Paul Johnson, author of Modern Times

“I could not put this book down. Ms. Shlaes timely chronicle of a fascinating era reads like a novel and brings a new perspective on political villains and heros―few of whom turn out to be as good or bad as history would have us believe.” — Arthur Levitt

“Americans need what Shlaes has brilliantly supplied, a fresh appraisal of what the New Deal did and did not accomplish.” — George F. Will

The Forgotten Man is an incisive and controversial history of the Great Depression that challenges much of the received wisdom.” — Harold Evans, author of The American Century and They Made America

The Forgotten Man offers an understanding of the era’s politics and economics that may be unprecedented in its clarity.” — Mark Helprin

“Shlaes’s account of The Great Depression goes beyond the familiar arguments of liberals and conservatives.” — William Kristol, Editor of The Weekly Standard

“Amity Shlaes’s fast-paced review of the [Depression] helps enormously in putting it all in perspective.” — Paul Volcker

The Forgotten Man is an epic and wholly original retelling of a dramatic and crucial era. There are many sides to the 1930’s story, and this is the one that has largely been lost to history. Thanks to Amity Shlaes, now it’s been re-found.” — Peggy Noonan

“Entertaining, illuminating, and exceedingly fair. . . . A rich, wonderfully original, and extremely textured history of an important time. — The American Spectator

“A well-written and stimulating account of the 1930s and its often dubious orthodoxies. . . . Ms. Shlaes rightly reminds us of the harmful effect of Rooseveltian activism and class-warfare rhetoric.” — The Wall Street Journal

“The finest history of the Great Depression ever written. . . . Shlaes’s achievement stands out for the devastating effect of its understated prose and for its wide sweep of characters and themes. It deserves to become the preeminent revisionist history for general readers. . . . Her narrative sparkles.” — National Review

“Captivating. . . . Illuminating. . . . The Forgotten Man is an engaging read and a welcome corrective to the popular view of Roosevelt and his New Deal. . . . A refreshingly critical approach to Franklin Roosevelt’s policies.” — Clive Crook, The Financial Times

“Amity Shlaes tells the story of the Depression in splendid detail, rich with events and personalities. . . . Many of Shlaes’s descriptions make genuinely delightful reading.” — The New York Review of Books

The Forgotten Man by Amity Shlaes will forever change how America understands the causes of the Depression and FDR’s policies that prolonged it for a decade.” — Grover G. Norquist, The American Spectator

From the Back Cover

In The Forgotten Man, Amity Shlaes, one of the nation's most-respected economic commentators, offers a striking reinterpretation of the Great Depression. She traces the mounting agony of the New Dealers and the moving stories of individual citizens who through their brave perseverance helped establish the steadfast character we recognize as American today.

Product details

  • ASIN ‏ : ‎ 0060936428
  • Publisher ‏ : ‎ Harper Perennial; Illustrated edition (May 27, 2008)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 512 pages
  • ISBN-10 ‏ : ‎ 9780060936426
  • ISBN-13 ‏ : ‎ 978-0060936426
  • Item Weight ‏ : ‎ 13.6 ounces
  • Dimensions ‏ : ‎ 5.31 x 1.15 x 8 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 1,595 ratings

About the author

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Amity Shlaes
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Amity Shlaes is proud to announce the publication of GREAT SOCIETY: A NEW HISTORY (HarperCollins). Many readers will remember THE FORGOTTEN MAN, a history of the 1930s. This book is the sequel, treating the Great Society programs of the 1960s, as well as the underdescribed efforts of the private sector-- far more important than we remember.

Miss Shlaes is the author of four New York Times bestsellers, COOLIDGE, THE FORGOTTEN MAN, THE FORGOTTEN MAN/GRAPHIC and THE GREEDY HAND.

Miss Shlaes chairs the board of the Calvin Coolidge Presidential Foundation. She chairs the Hayek Prize, a prize for free market books given by the Manhattan Institute.

She is a presidential scholar at the Kings College/New York.

Miss Shlaes has been the recipient of the Hayek Prize, the Frederic Bastiat Prize of the International Policy Network, the Warren Brookes Prize (2008) of the American Legislative Exchange Council, as well as being a two-time finalist for the Loeb Prize (Anderson School/UCLA).

She is a magna cum laude graduate of Yale College and did graduate work at the Freie Universitaet Berlin on a DAAD fellowship. She and her husband, the editor and author Seth Lipsky, have four children.

Customer reviews

4.4 out of 5 stars
1,595 global ratings

Customers say

Customers find the book valuable, fun to read, and worth their time. They also appreciate the compelling insights and fine information on how we got to where we are today. Readers describe the history as interesting and engrossing. Opinions are mixed on the pacing, with some finding it well-written and easy to follow, while others say it's difficult to follow.

AI-generated from the text of customer reviews

211 customers mention "Readability"193 positive18 negative

Customers find the book valuable, fun to read, and worth their time. They say it keeps their interest through every page. Readers also mention the textures of the 1930s come delightfully alive in the book.

"...It is very well written, lively, interesting, witty, and a source of knowledge not covered this thoroughly elsewhere...." Read more

"...1940 presidential candidate; it's all there and it's a great story that reads like today...." Read more

"...That brief section is well worth reading and it is a pity Schlaes did not put much more similar analysis throughout the text...." Read more

"...It was well worth my struggle." Read more

181 customers mention "Insight"159 positive22 negative

Customers find the insight compelling and fine. They say it's a wonderful book on a very important subject that brings it to life. Readers also mention the book provides an important viewpoint that is essential in coming to their conclusions. They appreciate the remarkable level of detail and openness about the Great Depression.

"...It is very well written, lively, interesting, witty, and a source of knowledge not covered this thoroughly elsewhere...." Read more

"...As I said, this simple fellow enjoyed the book. I found it stimulating, contained good (excellent) prose, and provided me with plenty of opportunity..." Read more

"...Yes, the story is old and told many times in many ways. But this book brings it to life. Not just FDR and Hoover and the major players...." Read more

"...Most provocative and compelling is the insight and comparisons to the economic conditions in which the U.S. Economy finds itself today...." Read more

108 customers mention "History quality"97 positive11 negative

Customers find the history quality of the book interesting. They say it provides an account of some key players in business. Readers also mention the book is engrossing and compelling. They appreciate the relevant information of that time and the counter-narrative to the mainstream hive mind view that FDR could not do anything.

"...Incorporates lots of historical facts, names and some figures, but manages to do so with sufficient elan and flow, that 'readability' remains of a..." Read more

"...There are some enjoyable snippets of gossip, such as Roger Baldwin's unintendedly funny comment about the Soviet Union under Stalin: "There is much..." Read more

"...Most provocative and compelling is the insight and comparisons to the economic conditions in which the U.S. Economy finds itself today...." Read more

"...I have no doubt that most readers will find Ms. Shlaes narrative quite convincing...." Read more

12 customers mention "Look"12 positive0 negative

Customers find the book interesting and excellent. They appreciate the portraits of some key characters of the time. Readers also say the author has done a great job illustrating in detail the political and economic impact.

"...of FDR or of the New Deal but my take on this book is that it offers a balanced look at the multitude of factors surrounding Roosevelt, his advisors..." Read more

"...The book is a breeze to read and serves as a refreshing look at the well intentioned policies that help prolong and strengthen the severity of the..." Read more

"...Nonetheless, the book is a fascinating look at the politics of the Great Depression and how they impacted the country...." Read more

"...There are also interesting portraits of some of the key characters of the time, such as former treasury secretary Andrew Mellon, Chicago utility..." Read more

11 customers mention "Character development"8 positive3 negative

Customers find the book's character development detailed and balanced. They say it explores the real contributions of individual leaders. Readers also mention the author is an excellent historian and writer.

"...Forgotten Man" is a detailed account of the main characters and various federal programs they dreamed up and implemented...." Read more

"Amity Shlaes is an excellent historian and writer. I enjoyed her biography of Coolidge and I enjoyed this wonderful history...." Read more

"...If I had a complaint it would the number of names to keep up with." Read more

"Schlaes does a fair and balanced job of portraying the people, policies and politics that figured prominently in the Great Depression, sparing..." Read more

8 customers mention "Illuminating content"8 positive0 negative

Customers find the content illuminating and eye-opening. They say it allows them to see the bigger picture and provides an excellent background for a misunderstood period of history.

"Excellent background for a misunderstood period of history...." Read more

"...It is well written and allows the reader to see the bigger picture of what is really taking place in our economy!..." Read more

"...never liked history in my younger years this was one of the most powerfully illuminating books that I have ever read...." Read more

"...History can be a dry, sterile read but this book makes it come alive with brevity. It doesn't drag on...." Read more

135 customers mention "Pacing"90 positive45 negative

Customers have mixed opinions about the pacing of the book. Some mention it's well-written and an easy read, while others say it can be difficult to follow and has no theoretical guidance or coherence.

"...It is very well written, lively, interesting, witty, and a source of knowledge not covered this thoroughly elsewhere...." Read more

"...I found it stimulating, contained good (excellent) prose, and provided me with plenty of opportunity to see different points of view...." Read more

"...But the program proved so difficult that FDR penned a letter to the IRS telling them the form was so impossible to figure out that he didn't know..." Read more

"...The writing here is engaging, and it does flow well...." Read more

6 customers mention "Effectiveness"3 positive3 negative

Customers have mixed opinions about the effectiveness of the book. Some mention it's very effective and one of the best works covering the Great Depression, while others say it's unpredictable and unfulfilling.

"...This was very effective and resulted in the roaring 20's. Hoover thought he was smart enough to "fix" the economy and caused the depression...." Read more

"...Utopian socialism won't work if history is any guide...." Read more

"...of the Roosevelt era compares as well as the effectiveness of policy results are apparent." Read more

"...And again it is failing, and extending or exacerbating our economic recession...." Read more

Top reviews from the United States

Reviewed in the United States on July 23, 2021
I taught modern American history college courses and found this book invaluable. But the book cover and title do NOT convey the contents! The cover shows a photo of a mass of common men during the Great American Depression. But the book It is not at all about those common men, nor about any individual common men, nor their suffering and misery as they attempted to cope with that vast catastrophe.

No, the book is about the decision makers, chiefly FDR, but also a variety of Government staffers and advisors seeking to influence and implement FDR's New Deal. Industrial and union officials, business magnates, Supreme Court justices, journalists, book writers, etc. and their actions and influences are the subject of the book. This is the only such book I have read that approaches the Depression this way, and it is enormously interesting, human and insightful. It describes the motives of the key decision makers and influencers, the actions they took, or attempted to take, and the results.

FDR was notorious for his vacillating decisions of the time, and how tried this and that, constantly changing his tactics and programs as he sought some way to help America out of the disastrous period it was suffering. As is generally understood, the misery lasted from the Crash of 1929 until WW II ended it, through creating a vast demand for industrial war products and manpower. If the US had not entered WW II, the Depression might have lasted well into the 1950's.

If you are interested in modern US history or politics, this book is for you and you will enjoy it. It is very well written, lively, interesting, witty, and a source of knowledge not covered this thoroughly elsewhere. I kept the book and will likely read it again. It is that good.
4 people found this helpful
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Reviewed in the United States on March 11, 2009
(Note: I own, and have READ, all of this book) (...)

(396 pages)
Short Review: Definitely a very interesting and enjoyable book. Deals with a lot more than just the economic history of the Great Depression. Incorporates lots of historical facts, names and some figures, but manages to do so with sufficient elan and flow, that 'readability' remains of a very high quality. Yes, there ARE a lot of names mentioned. Some reviewers have struggled with that, and complained. But then, remember, this is not a novel, and there were indeed lots of players strutting the stage at the time. Chapter 2, "The Junket", details the surreal meeting with Stalin, at the Kremlin, of some of our later 'Great Leaders'. It was almost like a pilgrimage. Many of these intellectuals later became influential members of FDR's intelligentsia. They had a massive impact on public opinion and hugely affected the American public's perception of Stalin. This aspect of the book, for me, was very well written. Many of these pilgrims were prominent in later New Deal thinking. We ask ourselves: were they gullible? Sincere, well meaning, but naive? Absolutely fascinating. The growth of the Stalin cult, its subtle later influence on FDR, who many claim, was no great thinker or scholar, culminating in the accusation of 325 confirmed Soviet spies in FDR's administration (as per Venona decripts), and ultimately the furiously controversial events at Yalta.
This book really does do an excellent job of showing how grotesquely distorted a view of the Soviet Union was served up to the American people. And not just for a few years, but for a couple of decades. We read how people who started having doubts, seemingly preferred to ignore those doubts, and still went along with the fairy tale. And then of course, there were the legions of dreamy idealists, who bought the whole "Soviet workers' paradise" story, hook-line-and sinker, and who wished only to emigrate to the workers' paradise of the Soviet Union, and never -ever- come back to the sullied shores of corrupt, capitalistic Americay...

A hard book to put down. You kind of might end up (I did) shaking your head wearily: how is it possible that such a distorted view became mainstream thinking, and how is it possible that 'we, the people' can be manipulated so easily and effectively. Can it still happen today?

This book will NEVER be described as an apology of FDR's New Deal. I have some sympathy with those who are angry that the positive accomplishments of the New Deal are glossed over. The well meaning idealism, arguably misguided at times, on the part of many of the rank and file, does not come out very well. If at all. The poverty, the despair, is not painted in depth to us. Miss Frances Perkins, secretary of Labor, first woman cabinet minister, one of my favorite characters, is relegated to a very minor role. (she gets my sympathy vote as being this book's 'Forgotten Woman') But to accuse the writer of bias is too strong. I see it more as being the case that the author was more preoccupied with the economic aspects of the crisis, rather than any in depth description of the humanitarian aspect. Other books do that for us.
However, read the book, with an open mind, and draw your own conclusions.
Very topical, as we all ponder the economic future, as of March 2009. With certain politicians advocating the "New New Deal", and returning to increased 'Central Planning' thinking, and a strong drift towards European style government (and hence rapidly growing government share of GDP, I believe approaching 40%) this book could hardly be in the news at a more controversial time. The subject matter is furiously relevant to today's political debate. Especially if we are going to be told that the debate is "over". And that the 'winner' is FDR and the New Deal.
Not so fast...

An easy, solid, four star. I do have some minor grumbles. The biggest one for me is the lack of numerical source notes embedded in the text. Amity does have 'bibliographic notes' in the back, but it's not the same.
From, admittedly, the perspective of March 2009 the biggest oddity (and some wry thoughts) for me was the very last paragraph, on page 396. It seemed to me be a bit of an internal contradiction, from an author who spends 395 pages dissecting the many flaws and outright, expensive, failures of the New Deal. It's open to assault, now, for sure, but I don't hold that against the author. How times change.
"In fact, infrastructure spending is often just a nicer name for what we used to call pork. Given the depth of modern capital markets, the new Deal's old argument that "only the government can afford this" looks particularly weak. The New Deal edifice is solid enough, but it doesn't form the best basis for the national future."

Long Review: Right from the beginning, the Introduction, this book had me in its grip. The author sets us a small trap on page 5 (into which I promptly stumbled) and quickly shows her firm grasp on History. There are many, many quotes, and detailed references to contemporary events, which quickly gave me confidence that this work has been exhaustively researched. Some reviewers deny that fact, however. This is about the tenth specific FDR/New Deal book I have recently read, and the sixth I'm trying to review. I'm going to try something different this time from my other reviews: Let's go straight to the negative reviews and comments, and summarize some of these -furiously- hostile critiques.
Arnold Kling had the temerity to post a soft spoken 'five star' review, and even says, very diplomatically:

"I should stress that these are my own views, and that TFM is much less prone to making generalizations and drawing conclusions. Readers with a variety of backgrounds and predispositions can appreciate the book and learn their own lessons..."

And THEN, if you read the comments (hopefully including mine) you will quickly see that all hell broke loose.
'Diane', bless her, says words to the effect of:
" The author has cherrypicked her information to write a history that supports her ideological bias that government intervention in the economy is always bad, conveniently leaving out information that does not support her ideology. Useful to read to find out what the anti-FDR Republican party believes; not useful to read if one desires a true history of the 1930s."
T.Carlsen has a lot to say. And gives us -helpfully- a lot of details of his thinking. More than can be said for the many gray variants you read everywhere of "I HATED this stupid book", with no references to the book, and no explanations why...
And Michael Emmet Brady also wades in, furiously plastering the label "libertarian economist" on poor Mr Kling, and giving us some jargon you should look at, that I do not pretend to understand. I'm not actually sure if I am even meant to. I have some University level mathematics, and if I was pointed helpfully in the right direction, I might learn something, but that comment is for chosen insiders, the exalted ones, and excludes the vulgar plebs.
Also check out the review by Jim Powell, the author of "FDR's Folly" (see my review). I personally love it when busy authors take the trouble to be involved in these discussions.
In the review by Prof. CJ "The Eclectic Professor", there is a reference to an ominous press statement by Mr Obama. I have not been able to find a link on the web to the exact wording of that statement, but do check it out, aswith my comment.
So... what do we make of all that then?
As I said, this simple fellow enjoyed the book. I found it stimulating, contained good (excellent) prose, and provided me with plenty of opportunity to see different points of view. Some conclusions I took with a pinch of salt, and I've read enough to be able to "filter" the overall aspect. The New Deal to me was not 'all bad'. I agree wholeheartedly with Mr Kling, when he says:
" Readers with a variety of backgrounds and predispositions can appreciate the book and learn their own lessons..."
I'm also inclined to believe that a book that can stir such vitriolic passion against it, must have some achievement and merit. There seem to be people who are most anxious that we do NOT read it.
Diane's comment I found singularly unhelpful. It is, however, an excellent example of a particular attitude. I would ask: Did you actually READ the book, m'dear? We seriously wonder. Forgive me for suspecting a closed mind, that would rather avoid the undoubted cerebral effort to read the book, and does so by conveniently sticking a label on it. Such an unhelpful, entrenched, boring, class warfare statement.
Thank goodness for Mr Carlsen. He not only says he doesn't like the damn book, but he tells us WHY. He goes to some trouble to tell us WHY. His review you should read, before you buy the book. I mostly do not agree with him, but I respect him for a detailed argument.
I have replied with a comment to his. If I am missing the boat, quite possibly, please comment constructively, and let me know. Suggestions for further reading always very much appreciated.
In summary: The New Deal era was a pivotal time. What we are sailing into, as a troubled nation, in March 2009, has profound echoes from that time. My instinct is to examine every possible point of view. The debate, far from being "over" is once again hotting up.
To reject this book, without even reading it, because somebody stuck a label on it of "ideological bias", and "untrue history", and describes it as a prop for the "anti-FDR Republican party", to me, would be a great pity.
But such are the odd, polarized polemics of Amazon. Watch the "unhelpful" votes descend on this -perfectly honest- review, from a simple chap trying hard to understand our History, and be open-minded!

Peace. Enjoy the read.
21 people found this helpful
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Reviewed in the United States on April 15, 2009
Amity Shlaes is a journalist writing about economics and as such is a compelling teller of stories; and this is a big one. Let me set the stage: When Warren Harding died in August of 1923 the Dow Jones Industrial Average (the stock market-DJIN) stood at 93. By the time of the great stock market crash circa October of 1929 it had exceeded 340. After the crash it rose and fell several times, but by January of 1940 it was only 151. Government spending had more than tripled (from 1929 at less than 3% of GDP to more than 10% of GDP by 1941), but unemployment (3.3% in January 1927 with the DJIN at 151) was still at 14% remaining stubbornly resistant to improvement (15%-25%) lo those Depression years. To top that off GDP went sideways from 1929 to 1941; but when consideration is taken for the millions more in population at the end it becomes clear that GDP per capita had suffered a prolonged decline.

Most new jobs today (over 70%) are created by small business and it was no different then, but capital went on strike because of government competition not to mention investor uncertainty over FDR's changing policies. Financing of small businesses fell by 96% and initial public offerings (IPO's) went in the tank. This created an uphill fight for FDR in his pursuit to right the economy.

Does this sound like what's happening today? Where government takes money from one pocket and puts it into another while running up huge debts at excessive cost to the economy? And did not George W. Bush set the stage for Obama just as Herbert Hoover did for FDR? In Both Hoover/FDR's case and Bush/Obama's they and their administration's are seeking to right a typical financial bust by using Keynesian methods which will over time make it worse for everyone. Utopian socialism won't work if history is any guide.

The title "The Forgotten Man" is a phrase taken from a piece penned by William Graham Sumner of Yale in 1881, one which alludes to the common taxpayer who is coerced defacto into financing utopian political dreams . In the end result stock and real estate prices did not recover for 25 years after the Crash, but targeted political constituencies? They continued to vote Democratic in House and Senate races for decades. In short FDR's was a successful political power grab at the cost of socializing the economy. The seeds of today's economic problem were sewn in the 1930's and this is the tale Amity Shlaes tells so well.

The book begins with a description of its "cast of characters" and follows with a coda describing their lives post the Depression years: Roger Baldwin, founder of the ACLU; Father Devine, Harlem preacher of black self-sufficiency and leader of thousands; Harold Ickes, FDR's Secretary of the Interior and key reformer with the TVA; Samuel Insull, Chicago electrical utility magnate; Cordell Hull, FDR's Secretary of State; Herbert Hoover, President from 1929 to 1933; John L. Lewis, Labor leader and head of the United Mine Workers and founder of the CIO; Andrew Mellon, Secretary of the Treasury under three presidents (Harding, Coolidge and Hoover); Rex Tugwell, an advisor and member of FDR's brain trust; Wendel Wilkie, head of Commonwealth & Southern, a new utility; plus David Lilienthal, Ray Moley and many others. Some stay true to Roosevelt and his utopian dreams while others leave the fold after seeing the futility of his efforts to grow GDP and concomitantly lower unemployment.

The stock market crash of black October, 1929; the Disastrous effect on world trade created by the Smoot-Harley tariff under Hoover; the tsunami of bank insolvencies; the building of the TVA (a government run utility under FDR); the alphabet agencies overseeing labor, housing, banking, securities trading, and trade of every type; FDR's attempt to pack the Supreme Court; his punitive pursuit of the rich centering on Andrew Mellon (who gratis gave the country his fabulous art collection); the rise of Wilkie to 1940 presidential candidate; it's all there and it's a great story that reads like today. But as Henry Morgenthau, FDR's treasury head, said "after eight years of trying and more than tripling government spending, we still haven't lowered unemployment" (or words to that effect.) Keynesian demand-side economics didn't work. It's multiplier effect a sophist mythology.

World War II made the unemployed into soldiers subsequently solving the unemployment problem during the war years, but only pent up demand and the passing of FDR and his crazyquilt pursuit of utopia brought the economy slowly back into balance. To my view this story is a blueprint of what's to come in the next eight years. Hopefully it isn't, but where there's hope, there's hope, and that's that.

A very good and timely read!
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Top reviews from other countries

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Jean Meanrd
5.0 out of 5 stars Five Stars
Reviewed in Canada on January 19, 2018
good book
Bookworm
5.0 out of 5 stars New Coths for the New Deal
Reviewed in the United Kingdom on April 10, 2018
This book challenges the received wisdom concerning the Wall Street crash and the Great Depression that followed. It begins by describing the suicide caused by the impact of the Great Depression - and then informs the reader that the suicide occurred in 1938, when unemployment and bankruptcy had returned almost to the level of 1931, the worst year of the recession. Indeed Shlaes contends that but for the war 1939 and 1940 might have been worse, and Roosevelt would not have won his third term, if he had chosen to stand again.
Shlaes argues that the twenties were not a frivolous decade - the USA made enormous advances and the companies that survived contributed to the post-war boom as well.
She disputes the idea that all Republicans were laissez faire - in particular Hoover both believed in state intervention, and did everything that he could to prop up the banks and stabilize the economy. That he failed was not the consequence of indifference, or indeed a lack of Keynesianism - he intervened more than Roosevelt did in his first term of office. Indeed Roosevelt's "we have nothing to fear but fear itself" is a Moneterist not a Keynesian proposition.
She then goes through some individual cases. Wenvil Wilkie, who went bust, went alcoholic, but then recovered both personally and financially, to unsuccessfully challenge Roosevelt in 1940. She follows the legal prosecution of the bankers, who got the blame - rather than the Stock Market. The outcome was a lot of money spent, no convictions, but some sizeable art donations that have enriched New York's galleries ever since.
There is a fascinating chapter on how whole counties - having lost faith with both the goverment and the financial institutions, just set up their own, including their own currencies. Other states set up a system of exchange, defining how much corn or meat a car repair or a dress might be worth. Though I do not think she comments on this - such a mass opt-out must have impacted upon goverment revenues, and limited the power of the state to intervene.
She describes how many American politicians and in particular the Democratic Party were both deceived and besotted by Stalin and the Soviet Union, and how some hoped to use the New Deal, which finally took off in Roosevelt's second term, to promote his policies in the USA.
In one area Roosevelt was very successful - he won over the entertainment industry - and securred its attachment to both the New Deal and the Democratic Party. As a baby boomer I found it interesting that far from being an hobo, Woody Guthrie was paid well for travelling round the country and writing socialist and fraternal hymns. By winning over the entertainment industry Roosevelt has influenced the way that we all see the Great Depression, and how economists and modern news media see the world through Keynesian eyes.
Though she does not explicitely say this, I could only conclude that WW2, allowed the New Deal to work. It suspended all normal economic intercourse, allowed the USA to sell to the combatants, but critically the USA won. It won big - for a generation all of its economic rivals, Britain, Germany, Japan and Russia were crippled by the cost or the damage of war. This is a very good read.
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Dan Montgomery
3.0 out of 5 stars Good research poorly presented
Reviewed in Japan on June 18, 2009
Schlaes has done some good research and the material she presents is worth knowing. But I found her writing very hard to follow at times. She does not organize her material well and her writing style forces one to reread and re-reread at times to follow the thread of her analysis or narrative.
RENATO MONTEIRO OLINO
4.0 out of 5 stars Muito bom, mas cansativo em alguns momentos...
Reviewed in Brazil on August 14, 2020
O livro traz muitos detalhes sobre a vida dos políticos e demais pessoas influentes nos USA na época da depressão. Muitas histórias interessantes, mas por vezes a leitura ficava cansativa.
K-Nine
2.0 out of 5 stars Whose forgotten man?
Reviewed in Japan on October 15, 2009
Involuntary unemployment, in which there are people who are unemployed though willing and able to work, is looming larger. I was, indeed, shocked at the author's criticism of the New Deal, an argument that government intervention is inefficient and ineffective in saving jobs. For nearly three decades, though, the global economies had been prosperous under the auspices of the pro-marketed, small government. Now the pendulum has swung. The socialized government with democratic policies emerges, remembering the weak. You need more government.