Anthony Scholefield is the Director of Futurus, a think tank specialising in EU and immigration matters and is also a member of the Global Vision Economic Advisory Panel. His most recent booklet, Warning: Immigration Can Seriously Damage Your Wealth, was published by the Social Affairs Unit in 2007.
The failure of the Great Depression to return in 1946 has some lessons for policy makers in today’s downturn both in the USA and the UK. Contemporary opinion in 1945 expected renewed economic decline and unemployment after demobilization.
It is generally conceded that Roosevelt’s New Deal did not stop the Depression, even if there is debate about whether it ameliorated the situation. The New Deal was, in many ways, a continuation of measures taken by President Hoover. Indeed, the first, and most widely praised, act of FDR, the Banking Bill, was virtually all written by Ogden Mills, Hoover’s Under-Secretary of the Treasury.
After all, Henry Morgenthau, Jr, Secretary of the Treasury for the whole of Roosevelt’s presidency, famously testified to the House Ways and Means Committee on May 9, 1939: