Tag Archives: Progressive Era

What Happened To The Stimulus? – The Moral vs The Market Economy – by Don Stabile and Andy Kozak

November 8, 2012

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Photo: Austen Hufford, Creative Commons 2.0

In our recent book, Markets, Planning and the Moral Economy: Business Cycles in the Progressive Era and New Deal, we explore the Progressive Era from the perspective of defenders of the Market Economy and advocates for a gentler, kinder Moral Economy.  Throughout the book, but in particular, the chapter on Fiscal Policy, we present the debate between the two camps in terms of the effectiveness of fiscal policy.  A recap of this debate seems appropriate given the current concern over the role of government and the perceived failure of President Obama’s almost trillion dollar stimulus plan and even greater annual deficits. Where did all the stimulus money go?  Why didn’t it work to reduce unemployment and increase GDP more rapidly?  Ideas developed in the Progressive Era may help us understand the answer to these questions.

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