By William J. Barber
In well known imagery, Herbert Hoover is usually stereotyped as a 'do-nothing' president who provided in simple terms nineteenth-century slogans for the best monetary disaster in twentieth-century American historical past. not anything will be farther from the reality. This learn examines the homes of an cutting edge method of monetary progress and balance formulated by way of Hoover and his affiliates in the course of his years as secretary of trade (1921-9) and inspects his deployment of this approach from the White condo following the good Crash within the autumn of 1929. consciousness is then all in favour of Hoover's makes an attempt to reformulate his macro-economic programme because the melancholy deepened in overdue 1931 and 1932. Archival fabrics supply arresting insights into Hoover's aspirations for a brand new establishment - the Reconstruction Finance organizations - as a automobile for exciting funding via a unique type of 'off-budget' financing. to counterpoint the dialogue of Hoover's theories of financial coverage of their quite a few manifestations, the perspectives of up to date economists on difficulties of the day are surveyed.
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Extra resources for From New Era to New Deal: Herbert Hoover, the Economists, and American Economic Policy, 1921-1933 (Historical Perspectives on Modern Economics)
Sample text
In the absence of official surveillance of these practices, a conflict between capital exports and investment needs at home might well arise. S. market, he noted, typically carried interest premiums of 2 to 3 percent over domestic issues. S. savings were being diverted abroad - for uses which he suspected were of questionable value - at the expense of productive capital formation at home. S. sources on American goods. " 71 This brand of paternalistic interventionism found little favor at the departments of state and treasury or among the central bankers.
The Hooverites, while prepared to give a sympathetic hearing to suggestions on the way the conduct of monetary policy could be improved, looked primarily to countercyclical spending on public works as the primary tool in a strategy of stabilization. Though Hoover stopped short of giving his formal endorsement to Fisher's legislative proposals, he was not reluctant to offer unsolicited counsel to the Federal Reserve System on the way it should manage monetary policy. He understood that this was not part of his official prerogative.
Nor did the view that class antagonisms were an inevitable part of capitalism deserve to be taken seriously. The American economic system was in the process of producing its own revolution, but it was to be a classless and a bloodless one. The ingredients of a model of a new economics 31 Defining America's position in the international economic system The champions of a new economics in the 1920s were in accord about their aspirations to build a new Jerusalem in America and in thdir willingness to invoke powers of government in this task.