The Great Depression represented a challenge to the continued existence not only of capitalism, but of the Republic itself. Working from then-current philosophical positions and mental models, people of the era hammered out a settlement that can be viewed as a social contract with political, economic and social implications. Because the mechanics of the settlement and the chain of effects has never been adequately understood, we are now living in a time of confusion where various actors want to abandon responsibilities and retain benefits.
Copyright © 2006 Stephen Rojak. All rights reserved.