In effect, Germany had embarked on a Keynesian policy: government spending became increasingly important in guiding the economy into the military channels that Hitler wanted. John T. Flynn noted that Franklin Roosevelt followed a parallel policy, after his programs of domestic spending failed to extricate America from the depression. "Here he [Roosevelt] was with a depression on his hands [with] the pressing necessity, as he put it himself, of spending two or three billion a year of deficit money, and most serious of all, as he told Jim Farley, no way to spend it. . . Here now was a gift from the gods. . . Here now was something the federal government could really spend money on: military and naval preparations." ....
Keynes himself viewed the Nazi efforts with favor. In his preface to the German edition of The General Theory, dated September 7, 1936, Keynes indicated that the ideas of his book could more readily be carried out under an authoritarian regime: "Nevertheless the theory of output as a whole, which is what the following book purports to provide, is more easily adapted to the conditions of a totalitarian state, than is the theory of the production and distribution of a given output under conditions of free competition and a large measure of laissez-faire."
Friday, December 19, 2008
New Deals are not good for individual rights
Nazi Economics by David Gordon:
Labels:
economic fascism,
New Deal,
obamanomics,
socialism
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment