"At the height of the Depression, while Franklin Roosevelt was speaking of a nation “one third” in economic distress, the Swiss suffered a maximum unemployment rate of 4.2 percent. This compares favorably to rates of 20 percent and more common in the industrial countries. Swiss output was flat for four years, but this compared to plunges of 10 percent per year or more in England, Germany, and the United States.
“Switzerland,” as one economist observed, “never had the New Deal.” If we remember that the New Deal was advanced as a practical stopgap measure, a way to “do something” rather than merely mouthing platitudes about supply and demand, then the relative Swiss torpidity can be seen as excusable, as the crisis never reached the dimensions it did elsewhere. Free-market economists would argue that the decision not to launch vast spending programs actually aided the country’s economic recovery."
Gregory A. Fossedal in Direct Democracy in Switzerland, P. 58