The politics of debt have changed extraordinarily over the last century. In the 1930s, when the new national industrial economies collapsed in unison, the unorthodox idea of deficit spending to counter the collapse emerged. In the US, the New Deal Coalition adopted the practice to counter the Depression’s deflation. A new orthodoxy developed.
Debt
Debt
Debt
The politics of debt have changed extraordinarily over the last century. In the 1930s, when the new national industrial economies collapsed in unison, the unorthodox idea of deficit spending to counter the collapse emerged. In the US, the New Deal Coalition adopted the practice to counter the Depression’s deflation. A new orthodoxy developed.