In his first inaugural address Franklin D. Roosevelt declared that the federal government must treat the depression ďas we would treat the emergency of war.Ē He was not speaking abstractly. Roosevelt was proposing to revive the Wilson administrationís command-economy measures from the First World War. Under Wilsonís measures of 1917-18 the federal government had imposed non-market arrangements on industry. Similar ideas were being tried after the Great War elsewhere in the world.
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