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An Effective Response to the Great Depression?

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Presentation on theme: "An Effective Response to the Great Depression?"— Presentation transcript:

1 An Effective Response to the Great Depression?
The New Deal An Effective Response to the Great Depression?

2 But First…

3 What was the New Deal? Campaign Slogan in 1932
No Ideology at first: Experimentation “This nation asks for action and action now.” Becomes synonymous with American “liberalism” Assistance to poor and unemployed Protect rights of organized labor Public housing Subsidized agriculture Regulation of the economy

4 Origin of the New Deal FDR had no clear philosophy: experimentation – the “quarterback analogy” “The New Deal will never be understood by anyone who looks for a single thread of policy, a far-reaching, far-seeing plan. It was a series of improvisations…” Richard Hofstadter (p. 431 for those interested!)

5 Origins of the New Deal European Models Progressive Era Reforms
Poverty not a moral failure Government regulation Mobilization for WWI Cooperation between public and private War Boards

6 Two “New Deals” The First New Deal Stop the panic The 100 Days

7 The First New Deal Unemployed in line at a soup kitchen

8 The 100 Days National Bank Holiday A “run” on the bank

9 “100 DAYS” OF ACTION March 9—June 16, 1933
FINANCIAL REFORMS March 9 Emergency Banking Act March 20 Government Economy Act April 19 Abandonment of the Gold Standard May 27 Securities Act June 5 Abrogation of Gold Payment Clause June 13 Home Owners Loan Act June 16 Glass-Steagall Banking Act (F.D.I.C.) March 22 Beer-Wine Revenue Act JOBS AND RELIEF March 31 Creation of Civilian Conservation Corps May 12 Federal Emergency Relief Act June 16 National Industrial Recovery Act June 16 Emergency Railroad Transportation Act Agr. REFORMS May 12 Agricultural Adjustment Act May 12 Emergency Farm Mortgage Act May 18 Tennessee Valley Authority Act June 16 Farm Credit Act

10 The First New Deal Two Cornerstones First Agricultural Adjustment Act
National Industrial Recovery Act

11 First Agricultural Adjustment Act
Raise farm prices by reducing supply Farmers paid “not to farm” ¼ of cotton crop plowed under 6 million pigs slaughtered $100,000,000 paid out first year

12 National Industrial Recovery Act
Replace competition with cooperation Industry-wide “codes of fair competition” Reduce hours of work Minimum wage (.40) Collective bargaining guaranteed No “yellow dog” contracts Established PWA: $4 Billion on 34,000 construction projects

13 First New Deal Stopped the panic, especially in financial community, “runs” on banks Created support for FDR Didn’t end or even put a dent in the depression Unemployment 1933: 12,830, % 1934: 11,340, %

14 The Second New Deal Cornerstones of first New Deal declared unconstitutional Butler v. U.S. strikes down NIRA Schecter v. U.S. strikes down AAA Critics from right and left Father Coughlin Huey Long

15 The Second New Deal Second AAA Wagner Labor Relations Act
Social Security Works Progress Administration (WPA) Keynesian Economics

16 Second AAA Replace first AAA
Introduced “parity” price subsidies for farm goods Farm subsidies become permanent Fulton County Georgia

17 Wagner Labor Relations Act
Restored section 7a of the NIRA on labor Known as the “Magna Carta” of organized labor. Legalized collective bargaining Prohibited “yellow dog” contracts, blacklists, “company unions” Established the NLRB – National Labor Relations Board – to supervise and oversee

18 Social Security Monthly payroll deduction
Federal Old-Age, Survivors, and Disability Insurance Unemployment benefits Temporary Assistance for Needy Families One generation pays for the next

19 Works Progress Administration (WPA)
Largest public works program in history $11 billion to employ 7 million, What cost $11,000,000,000 in 1936 would cost $168,473,306, in 2009. Jobs for nearly all kinds of people Highway (651,087 miles; 124,031 bridges) Building construction (125,110 public buildings, 8,192 parks 853 airports including LaGuardia in NYC and National in D.C. Slum clearance, reforestation, and rural rehabilitation The Federal Arts Project The Federal Theatre Project The Federal Writers' Project The Federal Music Project

20 New Deal Images

21 Was the New Deal Effective?
1937 7,700, % ,390, % 1939 9,480, % 1940 8,120, % 1941 5,560, %

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