On the domestic front, the first decade of the Fourth Republic has been an improvement on the last decade of the Third. Old-fashioned liberals, pointing to the deterioration of the currency and the expansion of bureaucracy, will be shocked by this verdict. Nevertheless, economic expansion even if it involves inflation is preferable to stagnation even if accompanied by a sound currency. Moreover, the deflation between 1931 and 1936, which was the inevitable result of the effort to maintain the rate of exchange of the franc, paved the way for the social troubles of 1936 and the economic errors
...more
Meh
