[1]  IMF (International Monetary Fund) (2015), ‘Private Investment: What's the Holdup?’, World Economic Outlook: Uneven Growth – Short- and Long-term Factors', Chapter 4, April, pp 111–143. See also Gutiérrez G and T Philippon (2016), for an examination of the relative weakness in non-mining investment in the United States <http://pages.stern.nyu.edu/~tphilipp/papers/QNIK.pdf>.
He also helped governors in Pennsylvania and New York develop what became Social Security, unemployment insurance, and the idea of publicly owned power utilities. After losing his first election for the U.S. Senate in 1942, at the age of 49 he enlisted in the U.S. Marines and was awarded a Bronze Star and Purple Heart for his service in the Pacific.