Difference between revisions of "New Deal"
(Note that "New Deal" was Roosevelt's term for it. Note that it was socialistIC rather than "socialist," as capitalism continued in the U.S. during that period.) |
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| − | The so-called '''New Deal''' was [[President of the United States of America|President]] [[Franklin D. Roosevelt]] | + | The so-called '''New Deal''' was the name coined by [[President of the United States of America|President]] [[Franklin D. Roosevelt]], a [[Democratic Party|Democrat]], for the [[Socialism|socialist]]ic program he conducted throughout the Great Depression. This program had three aspects: relief, recovery and reform. It sought to provide immediate relief for the millions of unemployed. Roosevelt believed the New Deal would aid in recovery and reform in hopes of ending the Great Depression. 1933 to 1937 were recovery years stimulated by the New Deal government spending. However by 1937 the nation had nowhere near recovered to where it was in 1929. The 1937 - 1943 Depression was longer in duration than the 1929 - 1932 crash, the result of massive government intrusion into the private economy which stunted growth. Manufacturing demand stimulated by WWII led to the 1943-1949 recovery, where finally, in 1949, the New York Stock Exchange recovered to the level it had been at 1929. |
Many New Deal reforms were unpopular and criticized. In 1948 President [[Harry Truman]] ran on a reformed New Deal platform called the [[Fair Deal]], which was regarded largely as an admission the New Deal had not been fair. | Many New Deal reforms were unpopular and criticized. In 1948 President [[Harry Truman]] ran on a reformed New Deal platform called the [[Fair Deal]], which was regarded largely as an admission the New Deal had not been fair. | ||
Revision as of 18:00, June 8, 2007
The so-called New Deal was the name coined by President Franklin D. Roosevelt, a Democrat, for the socialistic program he conducted throughout the Great Depression. This program had three aspects: relief, recovery and reform. It sought to provide immediate relief for the millions of unemployed. Roosevelt believed the New Deal would aid in recovery and reform in hopes of ending the Great Depression. 1933 to 1937 were recovery years stimulated by the New Deal government spending. However by 1937 the nation had nowhere near recovered to where it was in 1929. The 1937 - 1943 Depression was longer in duration than the 1929 - 1932 crash, the result of massive government intrusion into the private economy which stunted growth. Manufacturing demand stimulated by WWII led to the 1943-1949 recovery, where finally, in 1949, the New York Stock Exchange recovered to the level it had been at 1929.
Many New Deal reforms were unpopular and criticized. In 1948 President Harry Truman ran on a reformed New Deal platform called the Fair Deal, which was regarded largely as an admission the New Deal had not been fair.