President Franklin D. Roosevelt introduced a sweeping collection of programs and projects known as the New Deal in an effort to restrict the economic bleeding resulting from the Great Depression. In 1933, when Franklin took office, he told the American people that his administration would work to create jobs and stabilize the economy with the New Deal. The program met with mixed reactions.Know More
During his inaugural address, Roosevelt told his audience that he would treat the economic challenges facing the nation as if they were military enemies.
The early days of the New Deal saw Congress passing Roosevelt's Emergency Banking Act, which closed insolvent institutions and reorganized those that still had assets. The President implored Americans to deposit their savings in banks again. The people listened, which resulted in nearly three quarters of closed banks reopening for business.
Next, Roosevelt asked Congress to decriminalize the purchase of beer, a step toward eliminating Prohibition and stimulating the economy.
Other New Deal measures included Roosevelt signing the Tennessee Valley Authority Act allowing the federal government to construct dams along the Tennessee River to generate cheap hydroelectric power and create jobs, Congress passing a bill paying commodity farmers to stop growing their crops for a time in order to end surpluses, and Congress passing the National Industrial Recovery Act to guarantee workers the right to form unions.Learn more about US History
According to the International Encyclopedia of the Social Sciences, the Great Depression was a worldwide occurrence that affected the majority of market-oriented countries, in particular those that were in adherence to the gold standard. The U.S. stock market crash of 1929 precipitated the worldwide Great Depression.Full Answer >
During the Great Depression, minorities were faced with heightened discrimination in employment, denial of service at relief centers and increased violence against African-Americans in the South. Many "New Deal" laws did not provide equal rights for minorities; in fact, the "New Deal" was known as the "Raw Deal" among minorities.Full Answer >
A major cause of overproduction in the early 1900s was the boost new technology available to farms, businesses and homes, however this overproduction did not occur during the Great Depression. Actually, it was one of the major causes. Overproduction in agriculture and manufacturing was one of the many factors that lead to the Great Depression.Full Answer >
France responded to the Great Depression with tax hikes, spending cuts, collective bargaining, a 40-hour work week, paid vacations and a partial nationalization of the Bank of France. Many of these reforms were suspended later in the Great Depression, and France's leadership steered recovery efforts in a more business-oriented direction.Full Answer >