DEMOCRATS, REPUBLICANS, AND THE LEGACY OF THE NEW DEAL

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14 Terms

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" laissez-faire" Policy"

the federal gov should stay away from the private industries, economy, market… (classical liberalism)

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The Great Depression

1929: f

  • fall of GDP (13%)

  • Industrial production

  • farmers lost land

  • banks failed = +++ unemployment

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Herbert Hoover

elected in 1928: Conservative Republican

  • Self-help & Welfare state

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Franklin Delano Roosvelt

elected in 1933: reject conservatism Republican

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The New Deal​

  • an « economic social order »​

  • an « economic declaration of rights »​

  • an « economic declaration of rights »​

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Regulation of Wall Street​

Securities and Exchange Commission ​

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The environment​

Tennessee Valley Authority (1933)​

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The welfare state​

  • Works Progress Administration (1935)

  • Social Security​​

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WEALTH TAX ACT​

1935

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Redefined fiscal system​

  • Estate tax on inheritance of the rich​

  • Increase income tax​

  • Tax corporate profit​

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Unionism

1935: Wagner Act​ (Right to collective bargaining​)

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 Recovery by 1936

  • GDP: up by +50% compared to 1932

  • Annual growth rate: 10%

  • Unemployed: divided by 2

  • Agricultural income: x4

  • +++ private profits

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Liberalism

political and economic system = reinforced allegiance to the US political system

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