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      World Review of Political Economy

      Volume 2, Issue 1
       
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      THE INFLUENCE OF INSTITUTIONALISTS ON THE NEW DEAL: AND WHY THE MAINSTREAM LITERATURE OF THE HISTORY OF ECONOMIC THOUGHT IGNORES THIS PERIOD IN HISTORY

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      Journal: World Review of Political Economy
      Publisher: Pluto Journals
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            Abstract

            This article holds that institutional economics constituted the economic foundation for Roosevelt's New Deal. Institutional economics created the ideal environment for the implementation of the state intervention measures of the New Deal though the "institutionalist movement" of 1920s. The notions of planning of Wesley C. Mitchell, John M. Clark, and Walton Hamilton, the most influential institutionalists then, were embodied in a good many measures of the New Deal. Many institutionalists participated in the making and the implementation of New Deal policies. The ideas of planning held by Rexford G. Tugwell and Mordecai Ezekiel were directly adopted in the New Deal measures, proving that the New Deal measures came from institutional economics. Adopting the SSK approach, this article believes that the literature of orthodox economics ignores this period of history on purpose, since it is part of the social construction process for orthodox economics to ignore this period of history.

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            Journal
            Journal ID (jstor): worlrevipoliecon
            Journal ID (doi): 10.2307/j50005553
            Title: World Review of Political Economy
            Publisher: Pluto Journals
            ISSN (Print): 2042891X
            Publication date (Print): 1 April 2011
            Volume: 2
            Issue: 1
            Pages: 90-104
            Article
            DOI: 10.2307/41931920
            SO-VID: f884447c-9796-4e60-a5ae-398242d9d16b
            Copyright © © WORLD ASSOCIATION FOR POLITICAL ECONOMY 2011
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            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History
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            ScienceOpen disciplines: Political economics

            Notes

            1. Rutherford (1999, 2000, 2001, 2002, 2003a, 2003b, 2004, 2006).

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