UK Only Article:
The trust machine
An excellent primer on Franklin Roosevelt’s economics
The Money Makers: How Roosevelt and Keynes Ended the Depression, Defeated Fascism and Secured a Prosperous Peace. By Eric Rauchway. Basic Books; 305 pages; $28.99.
OLD-FASHIONED historians recoil at the idea of learning from the past to inform the present. But in “The Money Makers”, Eric Rauchway, a historian at the University of California, Davis, tries to do just that. His book looks at the economic policy of Franklin Delano Roosevelt, a four-time American president from 1933 to 1945, and how he was influenced by John Maynard Keynes, a British economist. Mr Rauchway argues that policymakers today could learn “valuable lessons” from Roosevelt, who shook up the economic orthodoxy to rescue America from the Great Depression of the 1930s and to keep the Allies going during the second world war.
In what ways was Roosevelt so radical? For one, in the depths of the Depression he launched a series of public works—building …
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