introduction to the great depression and the new deal
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The New DealThe New Deal
J. MARSHALL, 2008
Blessing or Curse?
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Reasons for the Crash and other factors that led to depressionReasons for the Crash and other factors that led to depression
• The stock market was a relatively new thing - stocks vs. gold (traders and buyers were inexperienced)
• Buying on margin - a license to print money• Panicked selling over almost a week caused
the Wall St. market to collapse on Black Tuesday, Oct 29, 1929
The crash did not cause the Depression - it did make
the suffering worse.
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Other economic problemsOther economic problems
• The price of wheat had been falling since 1927: over-production didn’t drop so prices did - farmers’ mortgages suffered: no cash means no new tractors
• Manufacturers were over-producing consumer goods = few consumers = layoffs = less spending money = fewer consumers
• USA protectionist tariffs = trade barriers for all• Germany’s inability to pay reparations affected
the Allies’ ability to repay loans to USA
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The Beginning was Worst:Looking at CanadaThe Beginning was Worst:Looking at Canada• Canada’s economy was very closely connected to
the USA - trading/branch plants/investors:– Wheat (40% of world supply)– Newsprint (65% of world supply)
• As the economy failed people lost their jobs and the ability to pay rent: vagrancy meant jail time
• To collect POGEY or the “DOLE” (Relief vouchers) one had to publicly declare her poverty: why would so may do without relief?
• Private charity/soup kitchens
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Women and their children suffered as men looked for work, often “riding the rods”
Laissez Faire - let it beLaissez Faire - let it be
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Herbert Hoover1928-1932
• Rich/Republican• Blindsided by the
Depression• Didn’t want to threaten
the “American Way of Life” (free enterprise)
= Hoovervilles
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On the eve of FDR’s inauguration
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Franklin D. Roosevelt1932-1945
• Democrat• Called Keynes a “fool”
(interesting)• “Nothing to fear…”• New Deal - 3 Rs• First 100 Days
Relief Recovery Reform
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John Maynard Keynes (“Canes”)
FDR listened to the economist:
“SPEND YOUR WAY
OUT OF DEPRESSION”
FDR listened to the economist:
“SPEND YOUR WAY
OUT OF DEPRESSION”
Only government is big enough
to deal with the problem
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Herbert Hoover vs. RooseveltHerbert Hoover vs. Roosevelt
• Hoovervilles
• Hoover’s strategy was to lower interest rates -
the problem was too big!• FDR’s 100 days in 1933
– Close banks for three days– New Deal = “alphabet agencies”– Every letter to the President will be answered– End Prohibition– create CONFIDENCE and give LEADERSHIP
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Tennessee Valley Authority
Public Works
Admin Works Progress Admin
Agricultural
Adjustment
Admin
National Recovery Admin
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Mass CommunicationMass Communication
• Fireside Chats - the soap box is dead!
• All letters to the
President will be answered! (1000s / day)
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Millions were Suffering
• Sharecroppers were displaced
ex. Grapes of Wrath
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Eleanor Roosevelt
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Alphabet Agencies
• Success was
mixed
Corporate State?
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What did they do?
WPA?
Make work?
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How successful were they?
• Is a minimum wage
a good thing?
• Predict -
outcome for workers?
…for owners?
…for the country?
Blue Eagle!Blue Eagle!
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GOP?
W5 ?
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Separating myth from reality…
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Hopkins
FDR
“Just in case they ever wanted to slow down,” Mar 5, 1936
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1937 saw a new recession.
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Meanwhile What About the Main Line Express?
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Bias?
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When did the debt rise the most?
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Search for arguments on the
effectiveness of The New Deal:
• Statistics New Deal• Effectiveness New Deal• Criticism New Deal• New Deal Extended the Depression
• Benefits of the New Deal• Damage of the New Deal