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How FDR's Economic Legacy Has Damaged America. "Robert P. Murphy's .... The National Recovery Administration: Big Government and Big Business ..... The Crisis digging up hard data that glaringly contradicts the official view. More and.
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The

THB

Politically Incorrect Guide™to

GREAT DEPRESSION AND THB NEW DEAL

Praise for

The

Politically Incorrect Guide™

to

GREAT DEPRBSSION AND TBE NEW DBAL

TBE

"A thorough and impressive critique ofFDR and the New Deal which should be required reading in all modern u.s. history and economics courses. I highly recommend this insightful book." -Burton W. Folsom, Jr., Professor of History, Hillsdale College and author of New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America

"Robert P. Murphy's splendid guide to the Great Depression and the New Deal is a clear, compelling account of an era that even most economists get wrong. Now that many people are clamoring for a rerun of the New Deal, you owe it to yourself to find out what such a sequel would entail. Murphy's book is the best place to begin your quest." -Robert Higgs, Senior Fellow in Political Economy, The Independent Institute "Today's central planners cower from the truth about the Great Depression and the New Deal like Dracula before a crucifix. Robert Murphy eviscerates the fantasy version of these episodes that is used to justify destructive and idiotic policies today. You almost feel sorry for the propagandists while reading this book. Almost." -Thomas E. Woods, Ph.D., author of the New York Times bestseller Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse

"Dr. Murphy explains in insightful fashion why the conventional wisdom is neither conventional nor wisdom. He is not only a good economist but can turn the reader into a good economist." -Gary Wolfram, William Simon Professor of Economics and Public Policy, Hillsdale College

"Bob Murphy's Politically Incorrect Guide™ to the Great Depression provides defenders of liberty the intellectual arsenal they need to counter the myth that capitalism caused, and government cured the Great Depression. Read this book and understand why massively increasing government is not change we can believe in." -Congressman Ron Paul

The

THB

Politically Incorrect Guide™to

GRBAT DBPRESSION AND TBE NEW DIAL



Robert P. Murphy

III

Since 1947

REGNERY PUBLISHING, INC.

An Eagle Publishing Company • Washington, IX

Copyright © 2009 by Robert Murphy All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical, including photocopy, recording, or any information storage and retrieval system now known or to be invented, without permission in writing from the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclusion in a magazine, newspaper, or broadcast. Cataloging-in-Publication data on file with the Library of Congress ISBN 978-1-59698-096-9 Published in the United States by Regnery Publishing, Inc. One Massachusetts Avenue, NW Washington, DC 20001 www.regnery.com Manufactured in the United States of America 10 9 8

7 6 5 4 3 2 1

Books are available in quantity for promotional or premium use. Write to Director of Special Sales, Regnery Publishing, Inc., One Massachusetts Avenue NW, Washington, DC 20001, for information on discounts and terms or call (202) 2160600.

Distributed to the trade by: Perseus Distribution 387 Park Avenue South

New York, NY 10016

To Bob Higgs and Burt Folsom, whose heavy lifting made this book relatively easy.

CONTENTS Introduction: Everything You Learned about the Great Depression and New Deal Is Wrong Chapter 1:

The Crisis

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The Roaring Twenties The Onset of the Great Depression FDR and the New Deal The 1937-38 "Depression Within the Depression" Rosie the Riveter: Happy Times