Join us on Madison's Notes as we sit down with George Selgin, senior fellow and director emeritus of the Cato Institute’s Center for Monetary and Financial Alternatives and professor emeritus of economics at the University of Georgia. In this insightful conversation, Selgin unpacks the myths and realities of FDR’s New Deal through the lens of his book, False Dawn: The New Deal and the Promise of Recovery, 1933–1947 (University of Chicago Press, 2025). While the New Deal is often celebrated as a bold and successful response to the Great Depression, Selgin argues that many of its policies actually prolonged economic suffering—with unemployment remaining staggeringly high years later. Drawing on extensive historical and economic analysis, he separates the New Deal’s successes from its failures, examines the distinct roles of fiscal and monetary policy, and reveals the overlooked factor that truly ended the Great Depression (hint: it wasn’t just WWII).

This episode challenges conventional narratives and offers crucial lessons for navigating future economic crises. Tune in for a nuanced discussion on why we must assess policy decisions carefully—learning from the past to build a more resilient future.

Madison’s Notes is the podcast of Princeton University’s James Madison Program in American Ideals and Institutions.

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False Dawn: A Conversation with George Selgin on Recovering from the Great Depression