Journal ArticleDOI
From Normalcy to New Deal: industrial structure, party competition, and American public policy in the Great Depression
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The rise of the New Deal coalition is traced to changes in the American industrial structure deriving from the boom of the 1920s and the reversal of the U.S. financial position that resulted from World War I, in addition to the well-known labor militancy of the 1930s as discussed by the authors.Abstract:
Industrial partisan preference may be formally modeled as the joint consequence of pressures from labor and the differential impact of the world economy on particular businesses. This “basic” and static model, when extended to cover the money market, can be used to examine questions of political development, including the effects of fluctuations in national income on political coalitions. American institutions and public policy during the New Deal are used to test the theory against empirical evidence, much of it from new primary sources. The rise of the New Deal coalition is traced to changes in the American industrial structure deriving from the boom of the 1920s and the reversal of the U.S. financial position that resulted from World War I, in addition to the well-known labor militancy of the 1930s. The effect of these changes was the rise of a (Democratic) political coalition dominated by capital-intensive, multinationally dominant firms and industries with a strong interest in free trade and a historically unprecedented ability to cope with major industrial upheavals without resort to force. The major public policy initiatives of the New Deal are reexamined from this standpoint.read more
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Journal ArticleDOI
Global Hegemony and the Structural Power of Capital
Stephen Gill,David Law +1 more
TL;DR: In this paper, the authors argue that a more "transnational" regime of accumulation and an associated hegemony of transnational capital might not be complete because of counterhegemonic forces and contradictory elements in the internationalization of capital.
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Political and legal restraints on ownership and control of public companies
TL;DR: Law and politics affect the financial structure of the public corporation, perhaps as much as economics as discussed by the authors, and the stability of many of these rules also derives from the political resistance that one would expect corporate managers and benefited financial institutions to offer to any change.
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The Institutional Roots of American Trade Policy: Politics, Coalitions, and International Trade
TL;DR: The 1934 Reciprocal Trade Agreements Act (RTAA) changed the structure of the making of U.S. trade policy and made possible a dramatic reduction in tariffs as mentioned in this paper.
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Much Ado About Ideas: The Cognitive Factor in Economic Policy
TL;DR: The authors examines recent works that investigate how ideas acquire influence over economic policy choice, concluding that ideas have a force of their own (independent of all interests) and the bolder thesis that they have no influence over policy.
References
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Book
A Monetary History of the United States
Milton Friedman,Anna J. Schwartz +1 more
TL;DR: The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement as discussed by the authors, and the treatment of innumerable issues, large and small, have been brought to bear on the solution of complex and subtle economic issues.
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Political Parties and Macroeconomic Policy
TL;DR: This article examined postwar patterns in macroeconomic policies and outcomes associated with left-and right-wing governments in capitalist democracies and concluded that the objective economic interests as well as the subjective preferences of lower income and occupational status groups are best served by a relatively low unemployment-high inflation macroeconomic configuration, whereas a comparatively high unemployment-low inflation configuration is compatible with the interests and preferences of upper income and occupation status groups.
Book
Political Control of the Economy
TL;DR: Tufte, a political scientist who covered the 1976 U.S. presidential election for "Newsweek" as mentioned in this paper, provided an eyeopening view of the impact of political life on the national economy of America and other capitalist democracies.
Journal ArticleDOI
The World in Depression
TL;DR: Kindelberger as mentioned in this paper analyzes the great depression in order to find its causes and locate remedies for the ills of the past, which can be used to be utilized today as well.