Jon Johanning wrote:
> Kennedy describes in some detail Hoover's gradual, very reluctant
> conversion from orthodox laissez faire capitalist political economy to
> a view that saw a need for much more government intervention, so that
> some of his ideas for dealing with the slump prefigured what the FDR
> administration would do, and conversely FDR's largely untheoretical,
> trial-and-error groping for solutions, even as he continued to hold to
> a rather orthodox, federal budget balancing position. Apparently, both
> the outgoing and incoming administrations were so shocked by the steady
> plunge of the economy that they were disoriented theoretically.
>
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Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901