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...serves an all-out bombardment against the size and power of the federal government. Unlike that book, which is intended for the lay-reader, Depression, War, and Cold War is intended for a professional audience. In this book Higgs offers ten previously published papers covering a wide-range of subjects: from regime uncertainty during the Great Depression to budgetary politics during the Cold War.

In the first chapter, Higgs argues that "regime uncertainty" among investors discouraged private investment and prolonged the depression. Among other things, Higgs uses poll data and bond yields to argue that private investment remained dismal after the "Great Contraction" because...

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