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National Industrial Recovery Act - Essay Example

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This essay describes the financial regulations were accompanied by National Industrial Recovery Act, which was core in reducing cutthroat competition. The act introduced anti-deflationary floors, acting as the benchmark, for the companies on setting prices…
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National Industrial Recovery Act
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National Industrial Recovery Act

Download file to see previous pages... The company would not lower price lower than this. To reduce information asymnmetry, the fiscal policy was put up to balance the non-emergency budget thereby ensuring that everybody was equal in the society. Further, based on the moral hazards exhibited during the great depression, the New Deal was accompanied by an act which restricted the age of Child labor to 16 and above while also forbidding hazardous employment.The financial regulation came through in curbing the great depression without necessarily affecting the system of capitalism. Amazingly, they resulted to a beneficial capitalist system through creating a stabilized financial security. Further, they resulted to balance in the distribution of wealth across all states and equality among labor and industry. However, they did not last as expected because they resulted to increased national debt while also strengthening bureaucracy and inefficiency. The rights of the entrepreneurs were also infringed through the financial regulations. Essentially, this led to the need to introduce more effective system to rescue the situation. As shown in the outcome of the New Deal, technology also played a major role in producing the impacts. During the great depression, 1920’s, most of the homes were not in a position to use technology as evident by the sub-standard housing, with no electrical appliances. During the integration of the New Deal, Modernization came in handy to spur the economy, as shown in the increased preference for electrical appliances. ...Download file to see next pagesRead More
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