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Governing AmericaThe Revival of Political History$
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Julian E. Zelizer

Print publication date: 2012

Print ISBN-13: 9780691150734

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691150734.001.0001

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The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933–1938

The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933–1938

Chapter:
(p.124) Seven The Forgotten Legacy of the New Deal: Fiscal Conservatism and the Roosevelt Administration, 1933–1938
Source:
Governing America
Author(s):

Julian E. Zelizer

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691150734.003.0008

This chapter examines fiscal conservatism under the Roosevelt administration. Fiscal conservatism has been linked to liberalism since the construction of the New Deal state. Indeed, a pragmatic alliance between liberals and moderate fiscal conservatives has played a key role in some of the most durable state-building efforts in U.S. history. This alliance produced bold federal initiatives in a nation historically resistant to centralized government. Building on the work of James Savage and David Kennedy, this chapter argues that fiscal conservatism constituted a key component of the New Deal during the years 1933–1938. It looks at two members of the administration who maintained pressure on Franklin Roosevelt to balance budgets: Lewis Douglas, who served as Director of Budget from 1933 to 1934, and Henry Morgenthau Jr., secretary of the treasury from 1934 to 1945. The chapter concludes with an assessment of Roosevelt's fiscal policy in relation to Keynesianism.

Keywords:   fiscal conservatism, liberalism, New Deal, Franklin Roosevelt, budgets, Lewis Douglas, Henry Morgenthau Jr., fiscal policy, Keynesianism

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