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In: Economics

Briefly explain the economic philosophy behind the New Deal and give an example.

Briefly explain the economic philosophy behind the New Deal and give an example.

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Expert Solution

The New Deal was the title given to a series of initiatives that U.S. President Franklin D. Roosevelt introduced between 1933 and 1938 with the goal of providing relief to the poor, reforming the financial system, and economic growth during The Great Depression.

The 1933 "First New Deal" introduced all classes to short-term treatment services. Promoted or enforced by the Roosevelt administration: banking reform regulations, disaster relief services, social assistance services, and agricultural programs.

A "Second New Deal" (1935–36) included: measures to protect the unions, the Social Security Act, and programs to help tenant farmers and migrant workers. Several initiatives were found unconstitutional by the Supreme Court; however, some parts of these were soon replaced except the National Recovery Administration).

Several New Deal schemes remain active with others still operating under the original names, including: the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Authority (FHA), and the Tennessee Valley Authority (TVA). The largest services that still exist today are the Securities and Exchange Commission (SEC) and the Social Security Network.

Rahul Sunny answered 1 month ago
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