What Can We Learn From the Great Depression?

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Here is Harvard historian Lizabeth Cohen at The Atlantic:

Americans are out of work. More than 20 million lost their jobs in April alone. Lines at food banks stretch for miles. Businesses across the country are foundering. Headlines scream that the coronavirus has brought about the worst economic crisis since the Great Depression.

The economic collapse of the 1930s, one of the defining traumas of the 20th century, is still the benchmark against which recessions are measured. And, for many Americans, the New Deal, launched by President Franklin D. Roosevelt, remains the standard for how the federal government should respond to a major national emergency. By the late 1940s, the United States had exited economic calamity and entered into an unparalleled period of national prosperity—with measurably greater income equality. America did not merely endure the Great Depression; its response transformed it into a richer and more equitable society.

Many hope to replicate that achievement today. But the success of the New Deal was built on more than all the agencies it spawned, or the specific programs it established—it rested on the spirit of those who brought it into being. The New Dealers learned to embrace experimentation, accepting failures along the path to success. They turned aside the ferocious opposition their bold proposals provoked. They organized supporters, and learned not just to lead, but to listen. And, perhaps above all, they pushed for unity and cultivated empathy.

The New Deal offers us more than a simple guide for returning to some semblance of normalcy. The larger lesson it offers is that recovery is a complex and painful process that requires the participation of many, not directives from a few. And that, ultimately, we’re all in this together.

Read the rest here.