112ten depression and new deal - oakton.edu great depression and new deal, ... john dos passos ......
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The Great Depression and New Deal, 1930-1939
OutlineCausesSocial effectsHoover administrationFirst New DealThe second New Deal
Learning Objectives: ConsiderThe causes and course of the Great DepressionThe course and effects of the New Deal
CausesLack of diversity in economyLaissez faireMarket saturation
Overproduction in agriculture and industryDecreased production
Lay offs meant less consumptionOver extended banks
Risky loansInternational trade
End of loans to Germany
Extent of depression
Stock market crash triggers:Bank failures
9,000 between 1930-1933Loss of 2.5 billion in deposits
IndustryProduction cuts
Federal Reserve BankRaised interest rates affecting dollar and credit
GNP dropped 25% 1929-1932Unemployment
Officially 25%; may have been 35%Highest in cities: Cleveland 50%, Toledo 80%
Relief systems inadequateHomeless
2 million men wanderShantytowns - HoovervillesRural
33% of all farms foreclosedConsecutive years of draughtDust Bowl
African AmericansDisplaced by whites400,000 head north
Mexican Americans2 millionDeportations without regard to citizenship
WomenPublic sentimentMen seek jobs in teaching, social work, nursing, offices
In picturesThe Dust Bowl
Oakland, California
Portland, Oregon
Culture
ValuesSelf relianceBlameStill dreaming
How to win friends and influence peopleDale Carnegie (Carnegey)
Realism
Richard WrightNative Son (1940)
Erskine CaldwellTobacco Road (1932)
John SteinbeckThe Grapes of Wrath
John Dos PassosUSA Trilogy (1930)
Radioescapism
Amos ‘n AndySupermanDick TracyThe Long RangerSoap operas
SocializationLive broadcastingShared experiences
BaseballPolitical conventionsdisasters
Hoover Administration
Initial responseVolunteerismCut spendingRefused to provide relief
$432 for public worksTax increase - 1932
1932 election
January 1932Reconstruction Finance Corporation
June 1932Bonus Army1924$1000 to all veterans of WWI beginning 1945MacArthur, Eisenhower, Patton
Cavalrytanks
Not successful but embarrassing
Franklin Delano Roosevelt
1932 Election
The First New Deal, 9 March-16 June 1933
PurposesEconomic recoveryReform to prevent future crisesRelief
Roosevelt prepares for “fireside chat,” March 1933
Initial Actions – 1933-35
1933Emergency Banking Relief Act
More money and federal supervision
Economy ActCut federal salaries and veterans benefits 15%New beer tax
Agricultural Adjustment ActReduced crop production – federal subsidiesAgricultural Adjustment Administration - AAA
1935Resettlement Administration
Farm Security Administration 1937Relocated farmers to better land with grants and loans at low interest
Rural Electrification AdministrationPublic utility corporationsLow cost energy
Industrial recovery
National Industrial Recovery Act 1933National Recovery AdministrationBusiness, government and laborFair prices and working conditions
Organized labor and collective bargaining
Regional Recovery
Tennessee Valley Authority – TVAPublic development of electricity by water powerBuilt dams, sold cheap electricityImproved water transportation, reduced flooding, provided electricity, other companies forced to lower prices
Banks and financing
Ends Gold StandardGlass-Steagall Act – 1933
Federal oversight to curb speculationFederal Deposit Insurance Corporation – FDICDeposits federally insured up to $2,500
Truth in Securities Act – 1933Honest reports to stockholders
Securities and Exchange Commission – 1934Policy stock market
Federal Relief
Federal Emergency Relief Administration1933Cash grants to state relief agencies
Civil Works Administration – CWA1933Temporary work projectsSchools, parks, roads
Civilian Conservation Corps – CCC 1933MenRural work projects
Civilian Conservation Corps Workers
Critics and alternate proposalsUpton Sinclair
State ownership of idle factories and landLost election for governor of California in 1934
Dr. Francis E. TownsendOld age pensionsFollowing of 5 million
Father Charles E. CoughlinEarly supporter
Huey P. Long, senator from LouisianaRadical wealth redistribution“Share our wealth”assassinated
Wagner Act – 1935National Labor Relations Board
Force firms to accept unions
Industrial unionismSkilled workersOrganized based on job, not skillJohn L. Lewis – Unied Mine Workers
Congress of Industrial Organization – 1936Membership by 1941: over 10 million
Social Security Act - 1935Elderly receive monthly payment of $15New payroll taxExcluded many: self-employed, farms, domestics, professionals and didn’t cover the disabledUnemployemtn Insurance
Works Progress Administration – WPA 1935Renovation of schools, post offices, airportsRoads and bridgesCultural workers
Federal Writers ProjectFederal Arts ProjectFederal Music ProjectFederal Theater project
WPA art: Fletcher Martin, Mine Rescue, 1939
Supreme Court BattleFailed to add 6 new justicesExisting justices “get the message” and moderate views
New Deal effectsNot a full economic recoveryAmeliorated social consequencesIncreased employmentDid not end segregation, but alleviated African-American povertyIncreased role of federal government in economic regulationWelfare state
Recession
Mid 1937Fears of inflationWPA layoff of 1.5 million4 million unemployed
Fair Labor Standards Act – 1938Minimum wage40 hour work weekLimits on child labor
Elsewhere
Just as FDR was weaker politicallyCourt problemsSlow ending recession
World events took center stageEurope – on the brink of war, again . . .
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