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Reflections on the New Deal: The Vested Interests and Limits to Reform

In: Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought

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  • John F. Henry

Abstract

In this chapter the author subjects some aspects of Roosevelt’s “New Deal” to critical analysis, demonstrating the limits to reform given the power of “vested interests” as articulated by Thorstein Veblen. While progressive economists and others are generally favorably disposed toward the New Deal, a critical perspective casts doubt on the progressive nature of the various programs instituted during the Roosevelt administrations. The New Deal was shaped by the institutional forces then dominant in the U.S., including the segregationist system of the South. In the end, “vested interests” dictated what transpired, but what did transpire required a modification of the understanding of the standard ideological perspective of capitalism, “liberalism.”

Suggested Citation

  • John F. Henry, 2020. "Reflections on the New Deal: The Vested Interests and Limits to Reform," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought, volume 38, pages 173-195, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rhetzz:s0743-41542020000038a013
    DOI: 10.1108/S0743-41542020000038A013
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    More about this item

    Keywords

    Vested interests; New Deal; planning; liberalism; B52; N2; N4; P1;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • N2 - Economic History - - Financial Markets and Institutions
    • N4 - Economic History - - Government, War, Law, International Relations, and Regulation
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

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