FDR and the New Deal

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Table of Contents

Aims/Objectives
Thesis Statement
Introduction
Literature Review
Research Methods
Conclusion
References

Aims/Objectives

Aim of the paper is to explore the events of Great Depression and its impact on U.S economy. The paper strives to focus on the ‘New Deal’ offered by the President to address the issues related to Great Depression. The impact of New Deal on economy is also presented in the paper.

Thesis Statement

On the basis of explorative research made for this paper it is hypothesized that the FDR’s actions were effective to shorten the Depression and has perpetual impacts on U.S economy.

Introduction

Franklin D. Roosevelt (FDR) was nominated as the President of United States in the summer of 1932. Roosevelt, in his acceptance speech, addressed different problems faced by the American people due to the Great Depression. He pledged to offer a new deal to resolve the grave scenario. Roosevelt won by a huge margin. (Powell, 2004) FDR’s New Deal in fact, served as a catalyst for the economy and different programs set the economy to recover from the disastrous effects of the Great Depression.

Literature Review

Literature review will encompass theoretical books, articles in magazines and internet as well as the research studies on the topic under analysis. It will focus on the condition of Economy during Great Depression. The economy, in fact, was facing a total collapse when FDR assumed power as the President. Unemployment hit thirty percent; inflation was at its peak, while GDP was critically down by fifty percent. This phenomenon is called ‘Great Depression’ which hit the highest level in the early part of 1933. (Powell, 2004) The period of FDR in the office, in the decade of 1930, can be classified as; the First New Deal during 1933 to 1935, characterized by different relief programs related to the problems of unemployment. The Second New Deal, during the years 1935 to 1037 was featured by different reforms related to economic and social problems.

According to some scholars, the New Deal ineffectively played with the theme of establishing close relations between government and business. However, some of these endeavors did not survive after World War II. The other group of scholars highlights the phenomenon that the initiatives taken by the New Deal pointed to almost new power-sharing among three primary economic players- the bankers, brokers and the businessmen. (Barnanke, 2004).

Different programs were initiated which included; the Federal Deposit Insurance Corporation- focusing on providing guarantee on deposits in banks; Securities and Exchange Commission- with the primary task of regulating and controlling the stock market; and the Social Security System- responsible for providing pensions on the basis of contributions made by elderly during their jobs. (Smilely, 2003).

Research Methods

The research will primarily focus on analyzing the secondary data available in theoretical books, magazines and internet. On the basis of the exploration made, a deep analysis and an in-depth opinion will be presented supported by authentic resources.

Conclusion

The New Deal promised by Roosevelt to the Americans was aimed at pulling the country out of depression. In the early days of his presidency, administration of Roosevelt initiated a passage of different laws related to banking reforms, relief programs for lifting emergency along with different other agricultural and work relief programs. (Mcelvaine, 1993)By the year 1939, FDR’s New Deal had practically supported in improving the general standards of lives suffered from the disastrous effects of Great Depression. Moreover, in the long-run, the programs of New Deal served as a precedent particularly for the federal government to assume a primary role in the social and economic affairs of the nation. (Sowell, 2007) It could be concluded, on the basis of arguments presented in the paper, that the FDR’s New Deal was successful in pulling the economy from Great Depression and has perpetual impact on the economy of United States.

References

Barnanke, B (2004) Essays on the Great Depression. Princeton University Press.

Powell, J (2004) FDR’s Folly: How Roosevelt and His New Deal Prolonged the Great Depression. Three Rivers Press.

Mcelvaine, R (1993) The Great Depression: American 1929-1941. Three Rivers Press.

Sowell, Thomas.(2007) Economic Facts and Fallacies. Basic Books.

Smilely, G (2003) Rethinking the Great Depression. Ivan R. Dee, Publisher.

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