Summary of “Roosevelt’s New Deal Wasn’t All Government Spending”

The loans originated with the RFC, which shunted the money through the DPC to the manufacturers.
In some cases, the government nominally owned the plants, but private companies got the profits, managed the facilities, and, after the war, bought the plants.
DPC financing added the equivalent of half of the entire prewar manufacturing capacity to the country by the end of the war.
These financial lessons of the New Deal have been largely forgotten, overwritten by the story of “Big government spending”-celebrated by the left and denounced by the right.
The government can spend taxpayer money on the Green New Deal, but direct spending is not the only option, and if the New Deal is a good guide, not even the most important option.
Government power lies not just in spending, but in helping businesses overcome risk-aversion and finance new opportunities for growth.
As we imagine policies to fight climate change-certainly as crucial as fighting World War II-let’s remember how the New Deal really worked, so that we can do it again.
Louis Hyman is a historian of work and business at the ILR School of Cornell University, where he also directs the Institute for Workplace Studies in New York City.

The orginal article.