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False Dawn: The New Deal and the Promise of Recovery, 1933–1947

Published By University of Chicago Press •
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Featuring
Tyler Cowen Square
Tyler Cowen

Professor of Economics at George Mason University, Director of the Mercatus Center, and host of Conversations with Tyler; Adjunct Scholar, Cato Institute

George Selgin
George Selgin

Former Senior Fellow and Director Emeritus, Center for Monetary and Financial Alternatives, Cato Institute

Join us for a special event and live recording of Conversations with Tyler to celebrate the launch of False Dawn: The New Deal and the Promise of Recovery, 1933–1947, the highly anticipated new book by economist George Selgin.

In this groundbreaking history, Selgin examines the United States’ long and difficult road to recovery from the Great Depression—and the real legacy of the New Deal. Drawing on contemporary sources and cutting-edge economic research, Selgin challenges the conventional narratives and offers a compelling reassessment of one of the most transformative periods in American economic history.

Was the New Deal a bold success or a costly detour? What truly ended the Great Depression—and what lessons can we draw for today? Don’t miss this opportunity to hear directly from the author as he discusses his insights and the implications for economic policy and historical understanding.

Reception to follow.

False Dawn cover
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False Dawn: The New Deal and the Promise of Recovery, 1933–1947

FDR’s New Deal has long enjoyed a special place in American history and policy—both because it redefined the government’s fundamental responsibilities and because Roosevelt’s “bold experimentation” represented a type of policymaking many would like to see repeated.

But “the thing about bold experiments,” economist George Selgin reminds us, “is that they often fail.” In False Dawn Selgin draws on both contemporary sources and numerous studies by economic historians to show that, although steps taken during the Roosevelt administration’s first days raised hopes of a speedy recovery from the Great Depression, instead of fulfilling those hopes, subsequent New Deal policies proved so counterproductive that over seventeen percent of American workers—more than the peak unemployment rate during the COVID-19 crisis—were still either unemployed or on work relief six years later.

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