If FDR had been elected in 1930 | Michael Tomasky

The FT's Martin Wolf poses an interesting hypothetical in this column (dunno about this link, you may have to register), but he fails to answer it fully. The hypothetical goes like this:

Suppose that the US presidential election of 1932 had, in fact, taken place in 1930, at an early stage in the Great Depression. Suppose, too, that Franklin Delano Roosevelt had won then, though not by the landslide of 1932. How different subsequent events might have been. The president might have watched...