Providing a needed historical perspective on current debates about industrial and agricultural policy, Kenneth Finegold and Theda Skocpol compare the origins, implementation, and consequences of two similar programs from Franklin Roosevelts New Deal, each of which committed the federal government to extensive intervention in sectors of the U.S. economy. The Agricultural Adjustment Administration (AAA) and its industrial counterpart, the National Recovery Administration (NRA), had very different fates. The politically and economically successful AAA set trends in American farm policy that continue to the present. The NRA was rejected as an abysmal failure. Why such drastically different outcomes? A historical and institutional approach, Finegold and Skocpol contend, can explain the similarities and differences of the NRA and AAA better than competing approaches of pluralism, elite theory, Marxism, or rational choice. They show that the AAA aided large commercial farmers...
