The Corporation and the Twentieth Century

Recovery Act (on which more below), and indeed the SEC agreed to administer the code just days before the NIRA was declared unconstitutional by the Supreme Court.

217. Easterbrook and Fischel (1984).

218. Mahoney (2015, p. 98); Neal and White (2012, p. 111).

219. McCraw (1984, p. 191).

220. Kandel et al. (2015).

221. Cudahy and Henderson (2005, pp. 41–71); Hughes (1983, pp. 201–26).

222. Indeed, Insull’s sympathetic biographer attributes the downfall of the Chicago empire

not to the crash or to Insull’s own missteps but to the House of Morgan, which was attempting though its United Corporation to create a nationwide monopoly in electricity akin to the Bell monopoly in telephony (McDonald 1962, p. 250).

223. In fact, revenue in the electricity sector declined only 6 percent during the early years of the Depression. Reductions in demand from industry were partly counterbalanced by in- creases in the consumer sector, where those workers still employed spent their increased real incomes on energy-using appliances (Ramsay 1975, p. 78).

224. Perino (2010, pp. 118–20). The elder Insull was extradited back to the US from Turkey in 1934 to face charges that included federal mail fraud. He would be acquitted of all the charges. 225. “Franklin D. Roosevelt’s Political Ascension,” The Master Speech Files, 1898, 1910–1945, Franklin D. Roosevelt Presidential Library and Museum, http://www.fdrlibrary.marist.edu/

_resources/images/msf/msf00530 (accessed August 9, 2022). 226. Mahoney (2012, p. 39).

227. Mahoney (2012, p. 44).

228. Leuchtenburg (1963, pp. 154–56).

229. Leuchtenburg (1963, p. 157).

230. Katznelson (2013, p. 162).

231. Kandel et al. (2015, p. 17).

232. Morck (2005); Roe (1994, p. 107). 233. Prasad (2012, p. 19).

234. The yardstick claim was manifestly untrue, of course, as the very different costs struc- tures of federal power facilities made them entirely incommensurate with private utilities (Mc- Craw 1971, p. 73; Neufeld 2016, p. 180). Based archival records of the TVA, the Federal Power Commission, the Rural Electrification Administration, the National Electric Light Association, and the Edison Electric Institute, Kitchens (2014) determined that the average monthly bills paid by TVA residential consumers differed little from what consumers paid private firms op- erating in the same area.

608 Notes to Chapter 6

235. McCraw (1971); Neufeld (2016, pp. 155–202).

236. Between 1920 and 1929, the US farm population declined by more than 4 percent. Between 1929 and 1933, it actually increased by almost 6 percent, not returning to 1929 levels until the beginning of war mobilization in 1939 and 1940. Joseph P. Ferrie, “Change in the Farm Population Through Births, Deaths, and Migration: 1920–1970,” Table Ac414-418 in Carter et al. (2006), http://dx.doi.org/10.1017/ISBN-9780511132971.Ac1-436 (accessed August 19, 2022).

237. Danbom (1991, p. 9); Scott (2006, p. 12). 238. Scott (2006).

239. Selznick (1966, pp. 112–13).

240. Hart (1998, p. 70).

241. McCraw (1971, p. 138).

242. Fishback (2017, p. 1455). Even counting those on work relief as “employed,” unemploy- ment in 1933 was more than 20 percent; 16 percent in 1934; 14 percent in 1935; 10 percent in 1936; and 9 percent in 1937 (Margo 1993, p. 43). Economist generally do not count those on work relief as employed because they were not in fact employed in the private economy. In view of their level of compensation, relief workers have more in common with today’s recipients of unem- ployment benefits.

243. Fishback (2017, p. 1459–60); Field (2012, p. 72).

244. Namorato (1988, p. 45). Tugwell called his idea the Advance Ratio Price Plan.

245. Namorato (1988, p. 63).

246. Namorato (1988, p. 77).

247. Blakey (1967).

248. Leuchtenburg (1963, p. 73).

249. Barber (1996, p. 50).

250. Depew et al. (2013); Whatley (1983).

251. Loth (1958, pp. 204–5).

252. Johnson (1935).

253. Leuchtenburg (1963, pp. 57–58).

254. Schlesinger (1958, p. 108).

255. John Maurice Clark and Paul Douglas, neither of whom could be considered laissez-

faire economists, also made this point (Leuchtenburg 1964, p. 128).

256. John Maynard Keynes, “From Keynes to Roosevelt: our Recovery Plan Assayed,” New

York Times, December 31, 1933, section 8, p. 2. Needless to say, Keynes thought that Roosevelt ought to focus on deficit spending.

257. Schlesinger (1958, pp. 112–15). 258. Taylor (2019, p. 8).

259. Johnson (1935, pp. 250–51). 260. Johnson (1935, p. 264).

261. Taylor (2019, pp. 56–57).

262. Johnson (1935, p. 264).

263. “1,500,000 Cheer Vast NRA Parade; March of 250,000 City’s Greatest; Demonstration

Lasts Till Midnight,” New York Times, September 14, 1933, p. 1. 264. Taylor (2019, pp. 70–72).

265. Chicu et al. (2013).

Notes to Chapter 6 609

266. Hawley (1966, pp. 114–15).

267. Hawley (1966, p. 70).

268. Hawley (1966, p. 83).

269. A. L. A. Schechter Poultry Corp. v. U.S., 76 F. (2d) 617; 295 U.S. 495 (1935). For a lively