The Great Depression and the “New Deal” How the greatest economic crisis in American history...
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The Great Depression and the “New Deal”
How the greatest economic crisis in American history shaped American
politics, culture and society
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I. The Stock Market Crash
• Republican responsibility for the economy
• Stock market outraces real economic growth
• The problem of buying stock “on margin”
• Public concern over the stock market by 1929
• The crash• “Deflationary
Psychology”
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II. The Great Depression
• Initial governmental optimism
• Catastrophic unemployment figures
• Urban poverty, especially for immigrants, is the worst
• State and local governments as well as private charities can do little
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II. The Great Depression
• Corporate failures• Drop in farm income• Even the wealthy had
problems
--Howard Johnson restaurant chain
• “Riding the rails” looking for work
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III. Contributing Causes to this Economic Catastrophe
• American farmer in trouble
• Unstable American foreign trade
• The Gold standard forsaken in Europe
• Weak and vulnerable American banks
• Large individual debt• Corporate profits enriched
only a few
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IV. The Response of the Hoover Administration
• Positive statements aggravate the Depression crisis
• Hoover’s background
• Hoover’s actions to stem the economic crisis
• Creation of the Reconstruction Finance Corporation (1932)
• “Trickle Down” Solutions
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IV. Hoover’s Response (cont.)
• Unemployment continued and farm prices dropped dramatically
• Violent farm protests by 1932
• Hoover was limited by his own governmental philosophy
• Hoover championed “voluntarism” as a solution
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IV. Hoover’s Response (cont.)
• Growing inability to compromise with Congress
• Hoover’s unpopularity grows
• His name becomes synonymous with the Depression
• Economic and Political blunders
• The Bonus March (Summer of 1932)
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V. The Election of 1932
• Democrats nominated Franklin Roosevelt
• FDR’s background
• Republicans nominated Hoover
• Roosevelt’s campaign
• FDR projects the image that he will take action as President
• Results of the Election
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VI. “The New Deal”: A “Revolution”?
• Origins of the phrase• Contrast with
progressivism• Major success =
restoration of confidence• FDR’s “Brain Trust”• Military analogy• Reliance on Social
Workers--Frances Perkins and Harry Hopkins
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VI. The “New Deal”: A “Revolution”? (cont.)
• Bi-partisan support for FDR publicly and in Congress
• How revolutionary was the “New Deal”?
• “New Deal” may have prevented a revolution
• Really not a revolution in the truest sense
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VII. Changes Made
• Federal government directly provided services to the American people -- “welfare state”
• Vast centralization of national power
• Increase in power of the presidency
• Democratic party becomes majority party
• Blacks vote for Democrats
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VIII. Franklin Delano Roosevelt: The Man
• Strong president who enjoyed leading
• Great politician• Used the radio effectively
-- “fireside chats”• Not a systematic thinker• Great ability to project
empathy• Many Americans think of
FDR as part of the family• More loved and hated than
any other president
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IX. First Lady Eleanor Roosevelt
• Creates model for the active first lady
• Activist, especially for Blacks and women
• Real concern for the poor
• FDR’s “eyes and legs”• Reputation for being
constantly on the go
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X. The “New Deal” and American Banking
• Emergency Banking Act (March 6, 1933)
• Use of the “fireside chat” to explain the bank holiday to the American public
• Initial success• Federal Deposit Insurance
Corporation (1933)• US abandoned the gold
standard
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XI. The “New Deal” and the Problem of Individual Economic Relief
• Justification for the “alphabet soup” agencies of the “New Deal”
• Federal Emergency Relief Administration (FERA—spring, 1933)
--directed by Harry Hopkins
• Civil Works Administration (1933-34)
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XI. Problem of Individual Economic Relief (cont.)
• Civilian Conservation Corps (CCC—spring, 1933)
• Public Works Administration (PWA—June, 1933)
--Directed by Harold Ickes
• Works Progress Administration (WPA—1935)
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XI. Problem of Individual Economic Relief (cont.)
• WPA directed by Harry Hopkins
• Federal Writers and Artists projects
• National Youth Administration (NYA)
• National Recovery Administration (NRA—1933)
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XII. The “New Deal” and the American Farmer
• Agricultural Adjustment Act (AAA—spring, 1933)
• Commodity Credit Corporation (1933)
• “Dust Bowl” migrations-- “Okies”
• Tennessee Valley Authority (TVA—spring, 1933)
• Farm Security Administration (FSA—1937)
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XIII. The “New Deal” and Organized Labor
• FDR’s sympathy with union concerns grows
• Growth in union membership
• Wagner Act (1935)--Creation of NLRB
• Congress of Industrial Organizations (CIO) created in 1935
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XIII. The “New Deal” and Organized Labor (cont.)
• The Leadership of John L. Lewis and others
• Use of the “sit down strike”
• Fair Labor Standards Act (1938)
--minimum wage: 40 cents
--prohibition of child labor
--maximum work week of 40 hours
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XIV. The Social Security Act (1935)
• Myth of poor being lazy exposed
• 13 weeks of unemployment insurance
• Pension fund for retired people over 65
• Funds also for disabled and single parent families
• Response to more radical schemes
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XIV. The Social Security Act (cont.)
• Huey Long’s “Share Our Wealth” program
• Revenue Act of 1935 (“Soak the Rich” Tax)
• Health insurance pulled due to congressional resistance
• Problems with Social Security initially and long-term
• Important “New Deal” legacy
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XV. The Culture of the 1930’s
• Return to political and social concern in ‘30’s literature--John Reed Clubs
• John Dos Passos-- U.S.A. (1938)
• John Steinbeck--Grapes of Wrath (1939)
• Richard Wright--Native Son (1940)
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XV. The Culture of the 1930’s (cont.)
• I’ll Take My Stand (1930)• Thomas Wolfe• William Faulkner
--Absalom! Absalom! (1936)• James Agee and Walker
Evans--Let Us Now Praise Famous Men (1941)
• 1930’s Movies-- “The Wizard of Oz”--The Marx Brothers
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XVI. Roosevelt’s Second Term (1937-1941)
• Election of 1936• FDR vs. Alf Landon
(R-Kan)• Biggest landslide since
1820• The “Roosevelt
Recession” of 1937-1938
• Harsh CIO strikes
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XVII. The Court Reorganization Act (Spring, 1937)
• Supreme Court attack on the “New Deal” (1934-1936)
• FDR’s proposals for change• Court fight eroded public
confidence in Roosevelt administration
• Supreme Court suddenly begins to reverse itself on the “New Deal”
• Congressional opposition takes shape
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XVIII. Summary of the Results of the “New Deal”
• Did not end the Depression• Many agricultural problems unsolved, especially for
southern Blacks and tenant farmers• Did restore national hope• Controls were built into the economy to avert future
crises--Federal Securities Act of 1933 and SEC (1934)
• The Government as “broker state”• Restoration of confidence in U.S. government and
economy—but both different than before 1932