The New Deal in Action

The New Deal in Action

The New Deal in Action

The New Deal in Action


In the pages which follow I have been attempting merely a description of the activities of the Roosevelt Administration in its endeavor to stay the course of the depression, to prevent the proletarianization of large sections of the middle class and to introduce into our economy corrections designed to restore that balance of interests fundamental to the proper functioning of our economic order. And to analyse the reasoning upon which these efforts are based.

Unlike the devotees of either classical or Marxian economics I find it impossible to come to any very definite conclusions as to the future. To me the imponderables of both politics and economics are of such tremendous importance that any attempt to prognosticate the future by logical deduction from the premises of either the classical or Marxian economists is as futile as the logical exercises of the schoolmen. It is for this reason that I am forced to come again and again to the exceedingly unsatisfactory conclusion--only time will tell.

Despite this limitation I hope that this attempt to describe what has been going on in Washington and to explain the reasoning which has underlain the actions taken may, nevertheless, be of service.

Much of the material contained in these pages has previously appeared in the magazine Today in somewhat different form. Indeed the reaction to the articles which have been published in Today is my chief justification for presenting the material in book form.


Columbia University New York City . . .

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