How the Great Depression had Taken a Toll on the American Economy - Assignment Example

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This assignment "How the Great Depression had Taken a Toll on the American Economy" is comprised of a series of programs and steps that would revive the economy and prevent such a depression in the future. The new deal was directed at various critically affected segments of the economy…

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How the Great Depression had Taken a Toll on the American Economy

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Subject: History
Type: Assignment
Level: High School
Pages: 1 (250 words)
Downloads: 2
Author: lillie65

Extract of sample "How the Great Depression had Taken a Toll on the American Economy"

In his bid for the presidency, Roosevelt promised Americans the New Deal (Brands, 2008).

In a month, following the enactment of the act, hoarded gold and currency flowed back into the country; hence, the banking sector stabilized (Heinemann, 1983). The government also eliminated the gold standard, thus, the use of gold as a legal tender ended. Everyone was required to exchange all their gold pieces for US dollars.

According to Roosevelt, the prosperity of the country was heavily dependent on prosperity in the agriculture sector. Therefore, several acts were enacted to ensure that this sector was able to compete favorably. The Agriculture Adjustment Act was enacted to ensure that commodity prices would be raised through artificial scarcity (Heinemann, 1983). The team responsible for enforcing this act employed a technique whereby the total output for each commodity was set. Landowners were paid subsidies to leave some of their land idle; this was in an effort to ensure that farm prices went up. In essence, less was to be produced so that the wholesale price would increase. Many Americans opposed this act since the prices of commodities increased as the farmer’s income increased significantly (Heinemann, 1983).

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