Free

Compare and contrast Herbert Hoover's economic policies with those of Franklin Roosevelt - Essay Example

Comments (0) Cite this document
Summary
Numerous factors affected the stability of the United State’s economy during the time of Herbert Hoover, and during the late 1920’s to the early 1930’s the unnoticed signs of trouble in the economic policies led to the crash of the stock market and eventually started the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.6% of users find it useful
Compare and contrast Herbert Hoovers economic policies with those of Franklin Roosevelt
Read TextPreview

Extract of sample "Compare and contrast Herbert Hoover's economic policies with those of Franklin Roosevelt"

ECONOMIC POLICIES OF PRESIDENTS’ HERBERT HOOVER AND FRANKLIN ROOSEVELT Economic Policies of Presidents’ Herbert Hoover and Franklin Roosevelt Numerous factors affected the stability of the United State’s economy during the time of Herbert Hoover, and during the late 1920’s to the early 1930’s the unnoticed signs of trouble in the economic policies led to the crash of the stock market and eventually started the Great depression.1 Tax rates were lowered and the combination with falling income resulted to low tax revenues, which eventually caused huge budget deficits.2 Some of the problems were also due to the lack of rapid action to address the plummet of the country’s economy, and the laissez-faire attitude was due to beliefs that: the government should not be entirely responsible to the well-being of the people; and the government is incapable of regulating and controlling businesses.3 Hoover’s beliefs were partly due to the belief that the economy would be able to bounce back after several setbacks just like before, but these were unable to explain why decreases in costs of production did not allow the fall of prices and subsequent economic growth, and Hoovers’ policies on letting the market forces, private sector as well as the Federal Reserve to drive the economy was unable to stimulate employment.4 The downward economic spiral was aggravated further by the declining federal revenues, relying on the gold standard when it was already abandoned by other countries, and declining to spend and providing federal relief to people and wholly relying on local government and charity.
Franklin Roosevelt also had to deal with some similar setbacks such as dealing with deflation, preventing wages and prices from falling further to maintain the incomes of workers and employers as well as restoring the reliability of the banking system.5 Some of the New Deal programs were effective in stimulating spending and eventually raising the levels of commerce among the people. Roosevelt’s experimentalist views were able to push through some policies that Hoover might have not even thought of, such as expanding the role of the government in the business and economic sectors, departure from the gold standard, aiming to increase industrial and farm price levels, and the provision for income redistribution, which became the Social Security legislation.6However, while being effective in reviving the economy, some of the programs in the New Deal policy were counterproductive in some strategies. The employment of people by the government kept them earning, and the increase in wages may have increased the spending of the workforce, but the tax increase compelled some not to spend even more.7 Another is that the unsubsidized privately-owned businesses were greatly affected by high long-term interest rates and taxations, which made it hard for them to compete, making the climate unfit for business ventures. Inefficiencies in the advancement of businesses led to the increase of inefficient industries like mining, and discouragement of business-government cooperation in the public works sector. In addition, business investment was hushed by the Public Utilities Holding Company Act.8 Nevertheless, Roosevelt’s unorthodox views brought the US up from the Great depression towards self-sufficiency in the economy.
Bibliography
Hall, Thomas E., and J. David Ferguson. The Great Depression: An International Disaster of Perverse Economic Policies. Ann Arbor, MI: University of Michigan Press, 1998.
Rosen, Elliot A. Roosevelt, The Great Depression, and the Economics of Recovery. Charlottesville, VA: University of Virginia Press, 2007.
Siracusa, Joseph M., and David G. Coleman. Depression to Cold War: A History of America from Herbert Hoover to Ronald Reagan. Westport, CT: Greenwood Publishing Group, 2002. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Compare and contrast Herbert Hoover's economic policies with those of Essay”, n.d.)
Retrieved from https://studentshare.org/history/1601885-compare-and-contrast-herbert-hoovers-economic-policies-with-those-of-franklin-roosevelt
(Compare and Contrast Herbert Hoover'S Economic Policies With Those of Essay)
https://studentshare.org/history/1601885-compare-and-contrast-herbert-hoovers-economic-policies-with-those-of-franklin-roosevelt.
“Compare and Contrast Herbert Hoover'S Economic Policies With Those of Essay”, n.d. https://studentshare.org/history/1601885-compare-and-contrast-herbert-hoovers-economic-policies-with-those-of-franklin-roosevelt.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Compare and contrast Herbert Hoover's economic policies with those of Franklin Roosevelt

Misperception is Reality: Understanding the Hoover/Roosevelt Policy Continuum

...should have had so much in common when it came to solving America’s great economic crisis. To all outward appearances they were polar opposites. A contemporary news article observed that “when he (Roosevelt) is placed beside the sour and devious Hoover the contrast is almost startling” (Houck, 2001, p. 162). But it became difficult to tell them apart when compared on the basis of their economic policies. These similarities “caused some contemporary commentators to argue that the election was a choice between Tweedledum and Tweedledee” (Houck, 2001, p. 162). When it came to creating a “fall guy” for the Great Depression,...
8 Pages(2000 words)Coursework

Compare and Contrast: Bradford and Franklin

...May 26, Compare and Contrast Bradford and Franklin were active political players in their communities. Franklin, however,also became successful in the field of science and believed in the triumph of reason over traditions, while Bradford was more of a man of faith than a man of science. Franklin is a key figure in the colonial postal system. In 1737, the British appointed him postmaster of Philadelphia. In 1753, he became the joint postmaster general for all the American colonies. During this time, he believed in the power and responsibility of the people in shaping their government (York 366). In “Speech in the [Constitutional] Convention, at the...
8 Pages(2000 words)Essay

Herbert Hoover

...Preeti 3/5/2008 HERBERT HOOVER Herbert Hoover was the 31st President of the United s, from 1929 to 1933. Priorto becoming the President, he served as the United States Secretary of Commerce. A Republican candidate, Hoover was a propeller of the ideology that any economic situation or condition could be changed with a technical solution. Herbert contested the elections and won over Al Smith, the Democratic candidate who was Roman Catholic. The citizenry did expect immensely from him, owing to his ideology and belief in the Efficiency ...
2 Pages(500 words)Article

Joan Hoff Wilsons Herbert Hoover: Forgotten Progressive

...name even though he stumbled in the crucial points. I wondered how successful he was in most of his life and failed so miserably in the Presidentship. Joan Hoff Wilson’s Herbert Hoover: Forgotten Progressive is well-researched, even though there is a stunning lack of personal detail. Only citing that is included in the book is Hoover's official writings. No anecdotes from friends have been included in the book. Personal correspondence is also missing fully. Herbert Hoover spent majority of his adult life overseas before becoming a part of the government. I had expected some interesting tales from those adventures, but none were present....
1 Pages(250 words)Essay

Franklin Delano Roosevelt

...the misfortunate period of the Great Depression. His inspirational leadership was instrumental in helping his country recover from the political onslaught and rise from the ashes once again. Fondly known as FDR to the public, Roosevelt strived hard to bring about stability to the nation by introducing innovative reforms and programs. However, his leadership philosophy came in for a lot of criticisms by many historians. While some of them believed him to possess outstanding leadership qualities, there were others who debated that by arguing that the economic policies laid down by him only served to slow down the process of recovery and progress. Theodore Roosevelt who...
6 Pages(1500 words)Annotated Bibliography

Franklin D. Roosevelt

...with Louis Howe, who was Roosevelt’s political advisor and a long time friend, played a key role in Roosevelt’s political comeback. In 1924, Roosevelt took part in the nomination of Alfred Smith who was the New York governor for president, but smith failed to secure the presidential seat. Four years later, Smith was again nominated as the presidential candidate by the democrats, and he organized on how Roosevelt would succeed him for the New York governorship. Smith was defeated by Herbert Hoover, a Republican candidate, but Roosevelt emerged the winner for the governorship post in New York (Coker...
8 Pages(2000 words)Research Paper

Franklin Delano Roosevelt

... Franklin Delano Roosevelt In the United s political history, Franklin Delano Roosevelt is perceived with high regard and respect. He is commonly referred to as FDR. FDR was at the helm of the United States executive from 1933 to 1945. He is the 32nd leader of the United States (PBS). He was reelected four times into office an achievement not shared by any other head of State in the United States. Prior to his election into office, the United States was experiencing a bad economy as the world was at the brink of war. In addition, the United States had a bad immigration system as Mexicans lived in poor conditions (Polenberg 140). There were also looming strikes from small business owners and farmers (Polenberg 113). He possessed... , Nazis...
2 Pages(500 words)Essay

Franklin roosevelt was NOT a good president

...of the stock market in 1929 was bad enough to cause poverty and much suffering to the Americans, the great depressions was the worst economic crisis that hit the USA. The great depression brought hard times to the people throughout the 1930s, but even though it was bad enough during President Herbert Hoover’s tenure, it became even worse during the second tenure in office of President Franklin Roosevelt in 1937 (Whitman, 49). President Franklin Roosevelt had tried to implement various measures that would address the great depression, but his single-handed approach to matters that required a high level of consultation to...
5 Pages(1250 words)Essay

Thomas Jefferson and Franklin Delano Roosevelt

...Thomas Jefferson and Franklin Delano Roosevelt Thomas Jefferson and Franklin Delano Roosevelt Legislative issues are part of the study or practice of the dissemination of force and assets of a given group and additionally the interrelationship(s) between groups. A political framework is a skeleton, which characterizes worthy political techniques inside a given society. The historical background of legislative issues is reflected in the cause, advancement, and trading and lending of the foundations of government. The source of the state is to be found in the promotion of the craft of fighting. Historically speaking, all political groups of the advanced...
8 Pages(2000 words)Research Paper

Misperception is Reality: Understanding the Hoover/Roosevelt Policy Continuum

...make laws and run our government as “conservative,” or “liberal” because, among other things, doing so makes it easier to assign blame when policies go wrong – in spite of good intentions. Ill-conceived perceptions are often the result.Inaccurate notions become stronger over time until they acquire the gloss of truth. So it has been with the comparisons made between Herbert Hoover and Franklin Roosevelt and the policies enacted by both administrations in response to the Great Depression. The clash of laissez faire economic philosophy and government intervention, a debate which has dominated the American political scene...
8 Pages(2000 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Compare and contrast Herbert Hoover's economic policies with those of Franklin Roosevelt for FREE!

Contact Us