Well written alternative perspective on the Great Depression. Anyone interested in the era ought to read it, if only to understand that history is more complex than the shorthand cliches we sometimes rely on. There was much more going on than the simplistic view that Roosevelt and the New Deal saved everybody. Shlaes reports on some under appreciated situations. Of particular interest are the legal cases of the New Deal, the extent of pure experimentation (as opposed to reasoned reform) and the contradictions and failures, which should be evaluated along with the successes. Certainly not a definitive history, but a useful addition to the mosaic. This book reminds us that hisorty is complicated and nuanced. Something we should remember if we seek to use it as a guide for present day decision making. ( )

CFYAA

The Forgotten Man: A New History of the Great Depression, by Amity Shlaes. This is a rather revisionist look at the New Deal of the 1930s, so it's relevant reading as we watch President Obama revamp the American economy, or not. Shlaes starts with the non-controversial, indeed straightforward fact that for all the fine things Roosevelt's New Deal accomplished, it didn't pull the American economy out of the recession. World War II did that. Her thesis is that it didn't, because it did the wrong things, encouraging various statist experiments while interfering with the power of the free market and especially innovators and industrialists to do it on their own.

It's a provocative thesis, and yes, it's oh-so-very-relevant. Alas, however, she doesn't do much to prove it. She's a fine storyteller, she consistently keeps us engaged in her flowing descriptions. She's convincing that Roosevelt was a master politician, but we already knew that, just as we knew the New Deal wasn't a careful application of a fully consistent economic world view. She likes Wendell Willkie, the head of an electric company who eventually ran against Roosevelt as a Republican in 1944, and she positions him as a counter-Roosevelt figure. (Interestingly, Willkie was almost the last Republican presidential candidate ever to be endorsed by the New York Times, but that's a different story).

The problem is that for her thesis to carry weight, not merely to intrigue, it would have had to offer a lot more economics than it does. The book probably would then have been a much slower read, and less fun, but it would have been more convincing, or at least more challenging. As it is, it's more a book of jounalism than economic history. I do recommend it though, for its interesting perspective and cast of fascinating characters and events. ( )

This book was not what I expected. From seeing Shaels on TV, I expected a book about economics. Actually, the economic analysis tended to be rather shallow, and sometimes wrong. Instead, the book turned out to be mostly about the political thinking and politics of the time. The book was worth reading to add texture to my knowledge of the FDR years. ( )

I purchased this work in the form of audiotapes for consumption during my travels. I found it to be a comprehensive and moderately entertaining look at the Great Depression, the political figures involved during the period and the various programs rolled out in an effort to stem the rampant economic meltdowns of the period.

Much of the story centers on the Roosevelt administration’s development of the Tennessee Valley Authority (TVA) and its clashes with private power generators and distributors (primarily Commonwealth and Southern, headed by Wendell Wilkie). As perhaps the largest example of government intrusion into the private sector (a novelty at the time), the long running battle is a good prism through which to see the developing politics of the era.

Much of the book also documents Roosevelt’s all out warfare with the wealthy, again focusing on the highest profile example, Andrew Mellon. Living during a time when tax rates are thought to be too high, at or near 40%, it is difficult to imagine living in an era when rates exceeded 80% at the highest income levels. It is easy to see how such confiscatory rates smothered the incentive for economic growth and investment. Largely unknown is the ineffectiveness of New Deal programs to spur economic growth or cure near 20% unemployment. Only the coming of World War II did that.

All in all, a good overview of the politics and economy of the decade of the 30s. Recommended, especially in light of current events. ( )