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Indeed, Friedman later concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease", arguing the Federal Reserve was to blame, and that they should have expanded the money supply in reaction to what he later described in A Monetary History of the United States as "The Great Contraction". [46]
The First New Deal (1933–1934) dealt with the pressing banking crisis through the Emergency Banking Act and the 1933 Banking Act.The Federal Emergency Relief Administration (FERA) provided US$500 million (equivalent to $11.8 billion in 2023) for relief operations by states and cities, and the short-lived CWA gave locals money to operate make-work projects from 1933 to 1934. [2]
The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by Canadian author and social activist Naomi Klein.In the book, Klein argues that neoliberal economic policies promoted by Milton Friedman and the Chicago School of Economics have risen to global prominence because of a deliberate strategy she calls "disaster capitalism".
This, as well as the New Deal, was supported by most intellectuals with the justification of Keynesian economics. Capitalism and Freedom introduces the idea of how competitive capitalism can help to achieve economic freedom. [2] The book drew inspiration from a series of lectures Friedman gave in June 1956 at Wabash College. [3]
The Statistical Research Group (SRG) was a research group at Columbia University focused on military problems during World War II. Abraham Wald, Allen Wallis, Herbert Solomon, [1] Frederick Mosteller, George Stigler, Leonard Jimmie Savage and Milton Friedman were all part of the group in which 18 researchers participated.
Following the primary show, Friedman would engage in discussion moderated by Robert McKenzie with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld (then of G.D. Searle & Company) and Frances Fox Piven of City University of New York. The interlocutors would offer objections to or ...
[3]: 202 Friedman linked New Deal liberalism with socialism and communism, while he considered his own ideas as a part of the classical liberal family. [3]: 119 Friedman's development of the macroeconomic theory of monetarism was particularly influential to neoliberalism.
Milton Friedman, economist. A spokesman for the Treasury during World War II; while supportive of relief and employment efforts and expansive monetary policy under the New Deal, Friedman was also critical of the National Recovery Administration. [5] Robert Frost, poet; Garet Garrett, editorial writer for Saturday Evening Post; Henry Hazlitt, writer