Abstract

United States and World Recovery

The significance of the various pronouncements which have appeared in recent weeks attributing the U.S. economic upturn to the New Deal completely vanishes when it is realized that numerous other countries, pursuing diverse policies, have enjoyed a similar revival. Evidence that natural recuperative forces have been in operation may be found in the widespread and general character of the recovery. For the world as a whole the lowest point in the depression seems to have been reached at the end of June, 1932. Following the unexpectedly successful termination of the Lausanne, Switzerland conference, there was a gradual return of business confidence which spread to all the leading nations, including the United States. This improvement was soon checked, however, by the American banking crisis, with the result that in March, 1933, world conditions were very little better than in the previous summer. That the setback was of relatively short duration was due largely to the energy and courage displayed by U.S. President Franklin D. Roosevelt in meeting the crisis.