Magazine March 14, 2016, Issue

Policy Mixing

Unemployed men queuing outside a Salvation Army hostel, circa 1935 (FPG/Staff/Getty Images)
The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression, by Scott Sumner (Independent Institute, 560 pp., $37.95)

Did FDR lead us out of the depths of the Great Depression, or did his policies extend it for years? Were his economic policies salutary or destructive? In The Midas Paradox, Scott Sumner answers yes.

The devaluation of the dollar in the spring of 1933, overseen by the president personally, led to a 57 percent increase in industrial production in four months, easily the most rapid increase in U.S. history. Stocks rose even more dramatically. This upswing lasted so briefly because, during the summer, the National Industrial Recovery Act (NIRA) — Roosevelt’s attempt to cartelize American industry — imposed very large

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Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

In This Issue

Articles

Features

Politics & Policy

A Justice in Full

National Review asked colleagues, friends, and family members of the late Justice Antonin Scalia to say some words about his mind and character. The editors thank Edward Whelan for ...

Books, Arts & Manners

Politics & Policy

Inside Man

Those familiar with the work of David Gelernter have come to expect both penetrating insight and a graceful, inviting presentation. This most recent book fully satisfies such expectations, even if ...
Politics & Policy

In the Cartoons

Here is the pitch. Deadpool is unlike any other superhero movie that you’ve ever seen. It’s savage, profane, darkly comic, and subversive. It’s a hard “R” for sex and violence ...

Sections

Happy Warrior

You Never Had It So Good

We are living through a truly historical election season. Or, actually, maybe we’re living through the fall of the republic. It’s difficult to tell some days. An unscientific survey of the ...
Politics & Policy

Letters

Opiate Withdrawal: Discomforting or Deadly? Kevin D. Williamson is mistaken as to the severity of withdrawal from opiates (“From Oxy to Overdose,” February 29). The withdrawal can be brutal, sometimes worse ...
Politics & Policy

The Week

‐ If Trump shot somebody on Fifth Avenue, Cruz and Rubio would blame each other. ‐ After a limp finish in South Carolina, Jeb Bush ended his campaign. He was felled ...
Athwart

Into the Gophers’ Den

Milo Yiannopoulos is quick, clever, amusing, naughty, British yet charismatic, and would probably be the first to agree that his brand of Flaming Gayness could be seen from the International ...
Politics & Policy

Poetry

FOLDS OF LIGHT The gentle folds within the flower of the lily, the gentle look of the folds of the robes of the Pietà, flower of a few days, or the stone of centuries, as ...

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