Changes

Historians distinguish between the "First New Deal" of 1933, which had something for almost every group, and the "Second New Deal" (1935–36), which introduced [[class conflict]], especially between business and labor unions.  The First New Deal (1933–34) included many "alphabet agencies", notably ([[AAA]], [[CCC]], [[FERA]], CWA, [[FHA]],<ref>see [http://www.fha.com/fha_loans.cfm Federal Housing Administration]</ref> [[FDIC]],<ref>See [http://www.fdic.gov/ FDIC - Federal Deposit Insurance Corporation]</ref> [[NRA]], [[PWA]], [[TVA]], [[SEC]]).<ref>See [http://www.sec.gov/about/whatwedo.shtml SEC - U.S. Securities and Exchange Commission]</ref>  

Historians distinguish between the "First New Deal" of 1933, which had something for almost every group, and the "Second New Deal" (1935–36), which introduced [[class conflict]], especially between business and labor unions.  The First New Deal (1933–34) included many "alphabet agencies", notably ([[AAA]], [[CCC]], [[FERA]], CWA, [[FHA]],<ref>see [http://www.fha.com/fha_loans.cfm Federal Housing Administration]</ref> [[FDIC]],<ref>See [http://www.fdic.gov/ FDIC - Federal Deposit Insurance Corporation]</ref> [[NRA]], [[PWA]], [[TVA]], [[SEC]]).<ref>See [http://www.sec.gov/about/whatwedo.shtml SEC - U.S. Securities and Exchange Commission]</ref>  

The Second New Deal, started in 1934-35 included the [[WPA]], a giant relief agency, and Social Security,<ref>See [http://www.ssa.gov/history/history.html SSA - Social Security History]</ref> as well as the [[NLRA]] or "Wagner Act" that promoted rapid growth of labor unions. The opponents of the New Deal, complaining of the cost and the shift of power to Washington, stopped its expansion by 1937, and abolished many of its programs by 1943. The Supreme Court ruled several programs unconstitutional (some parts of them were soon replaced, except for the NRA). The main New Deal programs still in existence today are Social Security the [[Federal Deposit Insurance Corporation]] (FDIC) and the [[Securities and Exchange Commission]] (SEC) which regulates Wall Street.<ref>Other major programs that still exist under their original names include the, the [[Federal Housing Administration]] (FHA)[http://www.fha.com/fha_loans.cfm Federal Housing Administration] and the [[Tennessee Valley Authority]] (TVA)[http://www.tva.gov/abouttva/history.htm TVA]</ref>

The Second New Deal, started in 1934-35 included the [[WPA]], a giant relief agency, and Social Security,<ref>See [https://www.ssa.gov/history/history.html SSA - Social Security History]</ref> as well as the [[NLRA]] or "Wagner Act" that promoted rapid growth of labor unions. The opponents of the New Deal, complaining of the cost and the shift of power to Washington, stopped its expansion by 1937, and abolished many of its programs by 1943. The Supreme Court ruled several programs unconstitutional (some parts of them were soon replaced, except for the NRA). The main New Deal programs still in existence today are Social Security the [[Federal Deposit Insurance Corporation]] (FDIC) and the [[Securities and Exchange Commission]] (SEC) which regulates Wall Street.<ref>Other major programs that still exist under their original names include the, the [[Federal Housing Administration]] (FHA)[http://www.fha.com/fha_loans.cfm Federal Housing Administration] and the [[Tennessee Valley Authority]] (TVA)[http://www.tva.gov/abouttva/history.htm TVA]</ref>

==Foreign policy==

==Foreign policy==

The New Deal tried public works, farm subsidies and other devices to reduce unemployment, but FDR never completely gave up trying to balance the budget.  Unemployment remained high throughout the New Deal years; business simply would not hire more people, especially the low skilled and supposedly "untrainable" men who had been unemployed for years and lost any job skill they once had. [[Keynesian]]s later argued that by spending vastly more money—using [[fiscal policy]]—the government could provide the needed stimulus through the "multiplier" effect.  Critics of Keynesianism said that would just take money out of the private sector, causing a negative multiplier effect there. However, no economist has written a full-scale Keynesian analysis of the depression, so it is difficult to evaluate how that model would work.   

The New Deal tried public works, farm subsidies and other devices to reduce unemployment, but FDR never completely gave up trying to balance the budget.  Unemployment remained high throughout the New Deal years; business simply would not hire more people, especially the low skilled and supposedly "untrainable" men who had been unemployed for years and lost any job skill they once had. [[Keynesian]]s later argued that by spending vastly more money—using [[fiscal policy]]—the government could provide the needed stimulus through the "multiplier" effect.  Critics of Keynesianism said that would just take money out of the private sector, causing a negative multiplier effect there. However, no economist has written a full-scale Keynesian analysis of the depression, so it is difficult to evaluate how that model would work.   

Unemployment peaked in 1933, at 24.9%, and by 1941 unemployment had subsided to 9.9%, which was near the 1930 level of 8.9%.  [http://www.bls.gov/opub/cwc/cm20030124ar03p1.htm] Unemployment increased 163% over the average of what it had been in 1930 by the third year of the New Deal. By contrast, recovery was well underway in Great Britain, with an increase of only 1.1%.  

Unemployment peaked in 1933, at 24.9%, and by 1941 unemployment had subsided to 9.9%, which was near the 1930 level of 8.9%.  [https://www.bls.gov/opub/cwc/cm20030124ar03p1.htm] Unemployment increased 163% over the average of what it had been in 1930 by the third year of the New Deal. By contrast, recovery was well underway in Great Britain, with an increase of only 1.1%.  

In recent years more influential among economists has been the monetarist interpretation of [[Milton Friedman]], which did include a full-scale monetary history of what he calls the "Great Contraction."  Friedman concentrated on the failures before 1933, and in his memoirs said the relief programs were an appropriate response. From 1935 to 1943, Friedman was himself a Keynesian who was (1941–43) an official spokesman for the New Deal before Congress; he did not at that time criticize any New Deal or Federal Reserve policies.   

In recent years more influential among economists has been the monetarist interpretation of [[Milton Friedman]], which did include a full-scale monetary history of what he calls the "Great Contraction."  Friedman concentrated on the failures before 1933, and in his memoirs said the relief programs were an appropriate response. From 1935 to 1943, Friedman was himself a Keynesian who was (1941–43) an official spokesman for the New Deal before Congress; he did not at that time criticize any New Deal or Federal Reserve policies.   

* Dubofsky, Melvyn, ed. ''The New Deal: Conflicting Interpretations and Shifting Perspectives.'' (1992), reader

* Dubofsky, Melvyn, ed. ''The New Deal: Conflicting Interpretations and Shifting Perspectives.'' (1992), reader

* Eden, Robert, ed. ''New Deal and Its Legacy: Critique and Reappraisal'' (1989), essays by conservative scholars

* Eden, Robert, ed. ''New Deal and Its Legacy: Critique and Reappraisal'' (1989), essays by conservative scholars

* Folsom, Burton W. ''New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America'' (2009) [http://www.amazon.com/New-Deal-Raw-Economic-Damaged/dp/1416592377/ref=sr_1_1?ie=UTF8&s=books&qid=1253186145&sr=1-1 excerpt and text search]

* Folsom, Burton W. ''New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America'' (2009) [https://www.amazon.com/New-Deal-Raw-Economic-Damaged/dp/1416592377/ref=sr_1_1?ie=UTF8&s=books&qid=1253186145&sr=1-1 excerpt and text search]

* Graham, Otis L. and Meghan Robinson Wander, eds. ''Franklin D. Roosevelt: His Life and Times.'' (1985). A very useful encyclopedic reference.

* Graham, Otis L. and Meghan Robinson Wander, eds. ''Franklin D. Roosevelt: His Life and Times.'' (1985). A very useful encyclopedic reference.

* Himmelberg, Robert F. ''The Great Depression and the New Deal'' (2001) 185 pp. [http://www.questia.com/PM.qst?a=o&d=101548706 online edition], reader

* Himmelberg, Robert F. ''The Great Depression and the New Deal'' (2001) 185 pp. [http://www.questia.com/PM.qst?a=o&d=101548706 online edition], reader