Roosevelt's New Deal refers to a series of economic policies and social reforms implemented by Franklin D. Roosevelt in response to the Great Depression from 1933 to 1938. At the heart of Roosevelt's New Deal were the "three R's": relief, recovery, and reform.
Relief
The remedies of Roosevelt's New Deal mainly include:
Direct financial assistance is provided to the unemployed and the needy, such as the establishment of the Unemployment Benefit Agency, the Public Works Department, etc.
Establish social security systems, such as pension insurance, unemployment insurance, etc.
Revival
Roosevelt's New Deal revival measures mainly included:
Stimulate economic growth through investment and credit support, such as the establishment of the National Recovery Agency, the Agricultural Adjustment Law, etc.
Reform of the financial system, such as the establishment of the ** Exchange Commission, the Federal Deposit Insurance Corporation, etc.
Reforms
Roosevelt's New Deal reforms include:
Regulation of monopolies, such as the establishment of a national industrial rehabilitation law.
Raising the minimum wage and improving working conditions, such as the establishment of a fair labor standards law.
Roosevelt's New Deal had an important impact on the recovery of the American economy and social reform, which not only helped the United States out of the Great Depression, but also promoted the establishment and improvement of the American social welfare system.
Here are the main takeaways from Roosevelt's New Deal:
1.Banking reform
The first task of Roosevelt's New Deal was to stabilize the financial system. Immediately after his inauguration in March 1933, he announced the closure of the nation's banks for four days and took a series of measures to rectify the banking system, including:
Emergency Banking Act: This Act authorizes the inspection and regulation of banks and the provision of loans to eligible banks.
Glass-Steagall Act: This Act separates commercial and investment banking businesses and imposes restrictions on the deposit and lending activities of commercial banks.
2.Agricultural relief
Agriculture is an important pillar of the U.S. economy, but the Great Depression led to a sharp decline in agricultural products and farmers' incomes. Roosevelt's New Deal took a number of steps to help farmers, including:
Agricultural Adjustment Act: This bill boosts agricultural products** by limiting agricultural production and provides subsidies to farmers.
Commodity Credit Corporation: This institution provides loans to farmers to help them purchase means of production and necessities.
3.Industrial Renaissance
Roosevelt's New Deal also took a number of measures to promote the industrial renaissance, including:
National Industrial Recovery Act: This Act authorizes the development of industries to regulate competitive behaviour and raise the level of competition.
Public Works Department: This agency is responsible for the implementation of public works projects and the creation of jobs.
4.Social security
Roosevelt's New Deal established the U.S. Social Security system to provide financial security for the elderly, the unemployed, and the disabled. Key measures include:
Social Security Act: This Act establishes a system of endowment insurance, unemployment insurance, and disability insurance.
Public Relief Agency: This agency provides direct financial assistance to the needy.
Roosevelt's New Deal was a complex system of policies, and its impact was manifold. It not only helped the United States out of the Great Depression, but also promoted the expansion of the functions of the United States and had a profound impact on American society.
Author: Niu Zhiqiang, more than 10 years of lawyer practice experience, member of Beijing Jiusan Society, excellent lawyer of law and family protection, history and Chinese culture enthusiast, for this article, if you still don't understand, welcome to leave a message in the comment area!