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Peddling Panaceas - Popular Economists in the New Deal Era (Paperback)
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Peddling Panaceas - Popular Economists in the New Deal Era (Paperback)
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As the Great Depression dragged on without a recovery, Americans
were avid for anything that would help them to understand its
causes and possible solutions. During this period, orthodox
economists were largely discredited, both in the White House and
among the public. Three of the most popular and influential figures
of the period--Edward A. Rumely, Stuart Chase, and David Cushman
Coyle--were not trained in economics. In Peddling Panaceas, Gary
Dean Best analyzes their remedies for the Depression, their
proposals for permanent economic reform, and their influence.Each
of these men represented a principal economic faction within the
New Deal. The inflationists within the New Deal found support from
the Committee for the Nation, which was largely the creation of
Edward Rumely. Rumely's committee was influential in the early New
Deal, but largely passed into eclipse by early 1934. The planners
within the New Deal were represented in popular magazines and books
by Stuart Chase, who was an engineer and accountant before he began
to expound on economics. An early advocate of collectivism, Chase's
influence waned after the Supreme Court invalidated two early
successes, the NRA and the AAA. David Cushman Coyle, a structural
engineer who, like many engineers during the Depression, fancied
himself an economist, may be taken as the voice of the followers of
Supreme Court Justice Louis Brandeis within the New Deal. Always
influential, they became more prominent after the invalidation of
the NRA in 1935. These three popular economists not only influenced
policy but also educated the American public about the Depression.
Scarcely a month went by without an essay by Chase or Coyle in the
popular magazines of the decade, and both were also prolific
authors of books and pamphlets. Their views and influence help us
understand the economic and political climate of the 1930s.
Peddling Panaceas will be of interest to economists, cultural
historians, political scientists, and sociologists.
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