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The new deal and government intervention - Essay Example

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The Stock Market crash on October 29, 1929 is alluded to as the start of the Great Depression. Herbert Hoover was the incumbent president when the crash took…
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The new deal and government intervention
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Download file to see previous pages The New Deal was a cycle of economic programs put into operation in the United States between 1933 and 1936. They were approved by the U.S. Congress during president Franklin Roosevelt’s first term. The programs were Roosevelt’s reaction to the Great Depression: historians call them “3Rs”. That is Relief, Recovery, and Reform: Recovery of the economy to standard levels, Relief for the broke and jobless, and Reform of the financial structure to thwart a duplicate depression. The New Deal shaped a political realignment making the Democratic Party the majority, with its foundation in open-minded ideas, large city machines, and the recently authorized labor unions and racial minorities (Leuchtenburg 12-21).
Most historians, such as Thomas A. Bailey, make a distinction between the “First New Deal” and the “Second New Deal”. A number of programs were announced unconstitutional, and some were revoked during the World War II. The First New Deal dealt with varied parties, from industry and farming to banking and railroads. This set of groups required assistance for economic recovery. The Second New Deal incorporated the Wagner Act to sponsor the Social Security Act, the labor unions, the Work Progress Administration relief program, and new programs to assist lessee farmers and immigrant workers (Johnson 15-20).
The Civil Works Administration was produced in 1933 to create jobs for the jobless. Its concern with high paying jobs in the construction field amounted to better expenditure to the federal government than was formerly expected. The Civil Works Administration ended in 1934 due to, in part, resistance to its cost. Federal Housing Administration was a government agency formed to fight the housing predicament of the Great Depression. The huge figure of unwaged workers united with the banking predicament created a scenario according to which banks retracted loans. The ...Download file to see next pagesRead More
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