Heterodox
The figure below, from a recent piece in the Wall Street Journal, shows the catching up of the South. Note that most occurs after the New Deal, and up to the 1980s. The piece emphasizes the reversal, with divergence since the last recession. This suggests that the New Deal and the period in which the segregationist policies were eliminated were a period of prosperity for the South. The catching up story is one associated mostly to State action, since the New Deal in many ways was a sort...
Read More »Catching up and falling behind in historical perspective
