Why was the economy languishing through the 1930s? Several economic historians cite government policies such as the Smoot-Hawley tariff of 1930, the tax hike of 1932, and the NIRA along with similar policies as hampering market adjustments and thereby delaying recovery. In the 1936 book that he intended to largely revolutionize economic thinking, The General Theory of Employment, Interest, and Money, Keynes offered a very different explanation.

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