It is, of course, much too early to attempt to draw all the lessons of the depression which began in the summer of 1957. After all, despite a substantial upturn during recent months, it is still with us and no one yet knows when it will really be over. But one thing does seem reasonably clear, and it is worth emphasizing even at this stage. The "automatic stabilizers" which were built into the economy during the Roosevelt era have successfully met the most severe test to which they have yet been subjected, and it is they which must receive credit for checking the decline and permitting certain forces of recovery to operate during the late spring and summer.
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