Deconstructing the Monolith

"A bold attempt on the part of the Roosevelt Administration to end the Great Depression, the National Industrial Recovery Act is viewed by many as a cause of both the depth and duration of the Great Depression. In this timely work, Taylor delves into the nuts and bolts of the legislation, focusing the key policy instrument, namely, the hundreds of codes of fair competition, which he shows had uneven effects on wages and employment. A must-read for all those with an interest in the Great Depression."--Bernard Beaudreau, Universite Laval
"Jason Taylor has meticulously detailed the largely neglected enormity of the National Industrial Recovery Act regulatory regime. He shows that behind its flawed macroeconomic objectives were a plethora of wage, hours, pricing, and output-restraining arrangements varying widely between industries. This book is truly a tour de force combining traditional historical scholarship with shrewd economic analysis."--Richard Vedder, Ohio University
"Taylor delivers a fresh perspective on one of the most unusual episodes in American economic history. Taking advantage of a variety of new data sources and recent studies, he drills down to the microeconomic level to tease apart the effects of the NIRA on employment, collusion, and many other outcomes. Anyone interested in work sharing, cartels, or the Great Depression more broadly can benefit from this comprehensive study."--Chris Vickers, Auburn University
"Taylor provides new insights into the operation of the National Industrial Recovery Act, encouraging us to explore its differential adoption and impact in different industries. His approach validates the desirability of moving away from a purely macroeconomic understanding of this important Depression-era legislation."--Alexander J. Field, Santa Clara University