Eric RauchÂway, an AmerÂiÂcan hisÂtoÂriÂan at UC-Davis (and an old grad school colÂleague of mine), pubÂlished a timeÂly book earÂliÂer this year, The Great DepresÂsion and the New Deal: A Very Short IntroÂducÂtion. And it sets him up perÂfectÂly to talk about an hisÂtorÂiÂcal moment that’s now back on our minds.
RauchÂway appeared last week on EconÂTalk (iTunes — Feed — MP3), a podÂcast that’s getÂting some play lateÂly, and spent a good hour surÂveyÂing the ecoÂnomÂic criÂsis that all othÂers will be meaÂsured against. The conÂverÂsaÂtion starts with the afterÂmath of World War I, where John MayÂnard Keynes saw the ecoÂnomÂic probÂlems beginÂning. (Read online his 1919 book, The EcoÂnomÂic ConÂseÂquences of the Peace.) Then, it moves through the 1920s, the stock marÂket crash, Hoover’s attempts to restore staÂbilÂiÂty (which weren’t as bungling as his hisÂtorÂiÂcal repÂuÂtaÂtion now sugÂgests) and finalÂly FDR’s New Deal and the effects of World War II. If you have an hour, you’ll learn a good deal.