Lloyd Fassett

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With the Crash of 1929 the bacchanal among the 1 percent abruptly ended, even before Franklin Roosevelt took power in 1933 with his New Deal programs. Those programs, based in large part on innovations from the Progressive Era, unleashed the full force of the Great Convergence, as we shall shortly see. World War II required massive tax increases and further encouraged the sense that “we are all in this together,” and measures of economic equality jumped even higher, just as during World War I. That both world wars were associated with a rapid increase in equality seems to confirm the view of ...more
Lloyd Fassett
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The Upswing: How America Came Together a Century Ago and How We Can Do It Again
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