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131. New Deal or Raw Deal? How FDR's Economic Legacy Has Damaged America

Author:
Eric Daniels
Publication Date:
12-2008
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Seventy-five years have elapsed since Franklin Delano Roosevelt introduced the flurry of government programs he called the New Deal. In the years since, most historians have lavished FDR with praise, claiming that his bold leadership helped to pull America out of the Great Depression. Even those who acknowledge the failure of particular Roosevelt-era programs claim that FDR instilled hope and confidence in the American people, and that his economic failures were the result of his not going far enough in his policies and not spending enough money. Today, amidst calls for increasing government regulation of the financial industry and increasing government spending through stimulus packages, the New Deal is making a comeback. In light of the recent mortgage crisis and economic downturn, pundits are calling for a revival of 1930s-style policies. Daniel Gross claimed at Slate.com that New Deal reforms were "saving capitalism again." Newly minted Nobel economist Paul Krugman issued calls in the New York Times for President-elect Obama to mimic and expand FDR's response to the Great Depression. And a recent Time cover called for a "New New Deal"-and featured an iconic photo of FDR, with Obama's face and hands substituted. As the Obama administration begins to implement its economic plan, Americans would do well to reexamine the history of the original New Deal and its effects. Though most historians rank FDR as a great president, some, including Burton Folsom Jr., boldly dare to ask if "the New Deal, rather than helping to cure the Great Depression, actually help[ed to] prolong it" (p. 7). According to Folsom, a professor of history at Hillsdale College, the answer is clearly the latter. In New Deal or Raw Deal? How FDR's Economic Legacy Has Damaged America, he challenges the myth that FDR's New Deal represents a shining moment in American history. As long as the mythology surrounding the New Deal remains intact, he notes, "the principles of public policy derived from the New Deal will continue to dominate American politics" (p. 15), costing Americans billions of dollars and further damaging the economy. . . .
Topic:
Economics, Government, and History
Political Geography:
America

132. Property Rights and the Crisis of the Electric Grid

Author:
Raymond C. Niles
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Surveys the history and achievements of America's electricity entrepreneurs, shows how government interference in the transmission grid has hampered their enterprises from the outset to the present day, and indicates what America must do to liberate the grid and enable a new wave of entrepreneurs to supply this vital product commensurate with the country's demand.
Topic:
Economics and Government
Political Geography:
New York and America

133. The Political and Economic Forces Shaping Concentrated Poverty

Author:
William J. Wilson
Publication Date:
12-2008
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
Through the second half of the 1990s and into the early years of the twenty-first century, public attention to the plight of poor black Americans seemed to wane. There was scant media attention to the problem of concentrated urban poverty (neighborhoods in which a high percentage of the residents fall beneath the federally designated poverty line), little or no discussion of inner-city challenges by mainstream political leaders, and even an apparent quiescence on the part of ghetto residents themselves. This was dramatically different from the 1960s, when the transition from legal segregation to a more racially open society was punctuated by social unrest that sometimes expressed itself in violent terms, as seen in the riots that followed the assassination of Dr. Martin Luther King, Jr.
Topic:
Economics
Political Geography:
America

134. The Individual Sources of Economic Nationalism: Evidence from Survey Data

Author:
Pablo Pinto
Publication Date:
02-2008
Content Type:
Working Paper
Institution:
Arnold A. Saltzman Institute of War and Peace Studies
Abstract:
Political leaders in troubled democracies around the world have resorted to an anti-foreign rhetoric to justify the adoption of policies restricting foreign imports, and the free flow of capital and people, allegedly in defense of the national interest. And this rhetoric has resonated positively with large sectors of the electorate in those countries. A similar trend, exploiting a nationalistic sentiment for economic purposes, is observed in campaigns in the United States to buy American. Most studies to date have analyzed the causes and consequences of economic nationalism at the state level. However, there is good reason to believe that sources of economic nationalism should be traced at the individual level: some individuals might be willing to embrace economic nationalism purely on self-interest, yet others will be forced to trade off material and ideational preferences in order to support the national industry. The existence of this tradeoff at the individual level has important implications for coalition formation on trade, investment and migration policy-making. While recent studies suggest that cultural and ideational interests are likely to influence individual attitudes towards trade, one of the central policy dimensions in economic nationalism, the empirical content of the tradeoff between material and non-material preferences remains untested to date. Using data from the International Social Survey Program (ISSP 2003) we explore whether the effect of nationalism on attitudes towards protectionism varies with the individual's position in the economy. We find preliminary evidence that nationalism systematically affects attitudes towards trade in the United States, but less so in the Philippines. We also find that the effect of nationalism is conditional on individuals' skill, or position in the economy.
Topic:
International Relations, Democratization, Economics, and Nationalism
Political Geography:
United States, America, and Philippines

135. Earning from History: Financial Markets and the Approach of World Wars

Author:
Niall Ferguson
Publication Date:
02-2008
Content Type:
Working Paper
Institution:
Weatherhead Center for International Affairs, Harvard University
Abstract:
We are living through a paradox-or so it seems. Since September 11, 2001, according to a number of neo-conservative commentators, America has been fighting World War III (or IV, if you like to give the Cold War a number). For more than six years, these commentators have repeatedly drawn parallels between the "War on Terror" that is said to have begun in September 2001 and World War II. Immediately after 9/11, Al Qaeda and other radical Islamist groups were branded "Islamofascists". Their attack on the World Trade Center was said to be our generation's Pearl Harbor. In addition to coveting weapons of mass destruction and covertly sponsoring terrorism, Saddam Hussein was denounced as an Arab Hitler. The fall of Baghdad was supposed to be like the liberation of Paris. Anyone who opposed the policy of pre-emption was an appeaser. And so on.
Topic:
Cold War, Economics, Terrorism, War, and Financial Crisis
Political Geography:
America and Iran

136. Trade Liberalization: Cordell Hull and the Case for Optimism

Author:
Douglas A. Irwin
Publication Date:
07-2008
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The news from Geneva of the breakdown of the Doha Round after seven years of effort has generated a great deal of pessimism about the future of multilateral trade agreements. America's troubles with the World Trade Organization (WTO) are of course only the beginning. There are also domestic problems when it comes to trade policy, an issue that ties together America's economic prosperity and its global political influence. Recent public opinion polls in the United States reveal increased skepticism about the benefits of globalization and diminished support for free trade policies. The post–World War II bipartisan consensus in favor of open trade has broken up, leading to gr eater resistance to new trade agreements in Congress, as reflected in the House's recent decision to postpone consideration of the Colombia free trade agreement (FTA). Despite efforts in the Doha Round to limit agricultural subsidies, Congress recently showered domestic farmers with more cash in the recently passed Farm Bill, even at a time when commodity prices are soaring.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
Geneva, United States, America, and Colombia

137. Letter from the Editor: Transatlantic Solidarity Starts at Home

Publication Date:
01-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
America's power is waning, at least temporarily. Under the next President, the country will have a diminished ability to shape a stable international order and maintain global prosperity. Will that trend create an opening for Europe to emerge with a larger global presence? Or is it liable to cause losses all around?
Topic:
Economics
Political Geography:
America and Europe

138. A Flat Playing Field Can Spread Western Innovation

Author:
Michael C. Maibach
Publication Date:
01-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
The world has modernized thanks to waves of Western inventions, and the next wave must be a regulatory revolution to ensure that discoveries spread horizontally as far and fast as possible. It is an agenda for the newly formed Transatlantic Economic Council.
Topic:
Economics, Government, International Trade and Finance, and Science and Technology
Political Geography:
United States and America

139. Occasional Analysis

Publication Date:
10-2008
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies
Abstract:
With the presidential elections in the U.S. scheduled for Nov. 4, the candidates' views of relations with Asia are of great interest to the foreign policy community in the U.S. and throughout Asia. In an effort to provide some insight into the policies of Sen. John McCain and Sen. Barack Obama, we have surveyed both campaigns' statements to answer a series of questions regarding their Asia policy stances as the basis of this quarter's Occasional Analysis. Overall priorities for East Asia Senator Obama America's future prosperity and security are closely tied to developments in Asia. Our relations with Asia's diverse countries and economies have been stable but stagnant these past few years. Our narrow focus on preventing the spread of weapons of mass destruction and prosecuting a war on terrorism have earned us some cooperation, but little admiration. The war in Iraq has lost us good will among both allies and adversaries and has distracted our attention and policy initiatives from Asia's issues. Our preoccupation with Iraq has given a strategic advantage to China in the region, with as yet uncertain consequences. Barack Obama believes that the U.S. needs to strengthen our alliances and partnerships and engage more broadly in the regional trend toward multilateralism in order to build confidence, maintain regional stability and security, restore our international prestige, and promote trade and good governance in this crucial region.
Topic:
Security and Economics
Political Geography:
United States, America, and Asia

140. The Third California: The Golden State's New Frontier

Author:
Joel Kotkin and William H. Frey
Publication Date:
03-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
For most Americans, California evokes coastal images, the sunny beaches of south or the spectacular urban vistas of San Francisco Bay. Yet within California itself, the state's focus is shifting increasingly beyond the narrow strip of land between the coast- line and its first line of mountain ranges.
Topic:
Development, Economics, and Environment
Political Geography:
United States, America, and California