History lesson requested - RE early/mid 20th century economicsSubmitted by MGWHAT on Tue, 11/08/2011 - 20:00
I'm hoping someone with more historical knowledge can spit some truth my way.
I've often heard of Paul and supporters of his such as Peter Schiff reference our economic history with a common anecdote similar to this:
"Back in the day Ford Motors had the highest paid workers in the world. They manufactured the highest quality cars, and sold them the cheapest to boot."
This and other similar examples are recited as shining examples of free-market Austrian economics at work.
While I am totally sold on the concept of free markets and that the government through taxation and regulation is a noose around the necks of business opportunity, advancement, and competition, I am unclear as to what happened to change the course of our economic path.
It seemed so clearly to be the superior method of economic policy.
What was the catalyst that changed our course? I figure the Great Depression and subsequent New Deal policies are the main culprits, but I'm hoping someone else could provide further insight as to what exactly changed the minds of the people and our political representatives. Even in the 50's and 60's we still seemed to have a booming period of productivity.
Someone educate me!