Overview

A definitive history of the United States' recovery from the Great Depression—and the New Deal's true part in it. FDR's New Deal has long enjoyed a special place in American history and policy—both because it redefined the government's fundamental responsibilities and because Roosevelt's ""bold experimentation"" represented a type of policymaking many would like to see repeated. But ""the thing about bold experiments,"" economist George Selgin reminds us, ""is that they often fail."" In False Dawn Selgin draws on both contemporary sources and numerous studies by economic historians to show that, although steps taken during the Roosevelt administration's first days raised hopes of a speedy recovery from the Great Depression, instead of fulfilling those hopes, subsequent New Deal policies proved so counterproductive that over seventeen percent of American workers—more than the peak unemployment rate during the COVID-19 crisis—were still either unemployed or on work relief six years later. By distinguishing the New Deal's successes from its failures, and explaining how the U.S. finally managed to lay the specter of mass unemployment to rest, Selgin draws salient lessons for dealing with future recessions.

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9780226832937

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Reviews

“False Dawn is perhaps one of the best books ever written about the Great Depression. It is thoroughly informed by academic literature, comprehensive in its coverage, balanced in its treatment, and a lively and engaging read. A great achievement.” -- Charles Calomiris | Columbia Business School ""Norman Thomas, six times presidential candidate of the American Socialist Party, and for decades the second most popular speaker in America behind whoever was president, used to complain that the Democrats and FDR had stolen the Socialist Party Platform of 1928. Thomas was right. Read Selgin’s new book and learn why that was a false dawn for the US Economy."" -- Vernon Smith | Chapman University, winner of the Nobel Prize for Economics “False Dawn is an extraordinary achievement. Economists, historians, and others have been researching the New Deal's recovery programs and policies since the 1930s, but no one has ever done so as comprehensively and astutely as Selgin. False Dawn will be required reading for all who seek to understand how the New Deal affected the course of the Great Depression.” -- Robert Higgs | author of ""Depression, War, and Cold War"" “The New Deal is the proverbial elephant grasped by blind men. No one is quite sure what it is. The NRA, the AAA, the RFC? Something else, something more? And did it all add up to recovery or malaise? Selgin has done a great service in writing this comprehensive, engaging, and fair-minded appraisal—one that is destined to become a standard reference.” -- Benn Steil | Council on Foreign Relations

“False Dawn is perhaps one of the best books ever written about the Great Depression. It is thoroughly informed by academic literature, comprehensive in its coverage, balanced in its treatment, and a lively and engaging read. A great achievement.” * Charles Calomiris | Columbia Business School * ""Norman Thomas, six times presidential candidate of the American Socialist Party, and for decades the second most popular speaker in America behind whoever was president, used to complain that the Democrats and FDR had stolen the Socialist Party Platform of 1928. Thomas was right. Read Selgin’s new book and learn why that was a false dawn for the US Economy."" * Vernon Smith | Chapman University *

Author Information

George Selgin is professor emeritus of economics at the University of Georgia and a senior fellow and director emeritus of the Cato Institute’s Center for Monetary and Financial Alternatives. His writings have appeared in the Economic Journal, Financial Times, and the Wall Street Journal. His most recent book is The Menace of Fiscal QE.

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