Again with the Schacht-bashing by mattsteinglass
March 31, 2009, 8:23 pm
Filed under: Economics

Megan McArdle notes that up is up and down is down, and, relatedly, that observing that Obama has an industrial policy and Hitler did too! is pretty weak stuff:

And the problem with Hitler was not his industrial policy–I mean, okay, fine, Hitler’s industrial policy bad, right, but I could forgive him for that, you know?  The thing that really bothers me about Hitler was the genocide.

Yeah. But, okay, I’ll bite: what was wrong with Hitler’s industrial policy? If I understand correctly, Hjalmar Schacht brought Germany back to full employment faster than the rest of the industrialized world got there. A lot of their recovery was driven by spending on arms, but, um, so was (and is) ours. Indeed, it might be worth observing that Hitler had an industrial policy and Adenauer did too! and that Tojo had an industrial policy and Ikeda did too! and that Mussolini had an industrial policy and De Gasperi did too! and so forth.

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