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An Economic History Lesson for dealing with the Coronavirus

March 19, 2020

The Great Depression, horrible as it was, served as a giant laboratory experiment for two policy approaches. As the economy slumped between 1929 and 1932, the Administration of Herbert Hoover eschewed large-scale efforts to boost federal spending and rescue stricken industries. Once F.D.R. took over, in 1933, he pursued a far more activist approach.