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Q: To what extent was the New Deal successful in solving the economic crisis of the Great Depression?
A: The Great Depression was a catastrophic phenomenon in which America faced during 1929-1941. It had caused unprecedented hardships to businesses, workers, farmers and ethnic minorities. [ The Wall Street Crash of 1929 triggered the slew of the stock market meltdown characterised by bank closures, depositors lost their monies, farm lands were auctioned, and 25% of working force were unemployed.
Prior to the stock market crash, symptoms of economic disaster were showing such as gross imbalance in wealth distribution (0.1% of the population earned 42% of the income of the masses), excessive production of goods, natural calamities known as dust bowls hit farm lands, etc. By now, disappointment of the American people on Herbert Hoover's "laissez-faire" governmental approach to reverse the crisis was escalating. In the 1932 November election, Franklin Delano Roosevelt won a landslide victory and therefore officially became President on early March 1933. "I pledge you, I pledge myself to a new deal for the American people." Roosevelt informed the convention in his acceptance speech. The New Deal was a suite of economic and social programs and legislation initiated by Franklin Delano Roosevelt, the 32nd president of USA (1933-1945), in hope to solve the economical crisis America was facing and to restore confidence in the people of America. Most historians categorize these initiatives as the 3R's: Direct Relief was the first; those millions of Americans who were in desperate need of food and money were helped; Economic Recovery was the second; government had to intervene in order to lead the country out of the depression; Reform was the third; mistakes and faults had to be set right in order for the United States of America to advance forward. ]
Expert answered|kristy49|Points 0|
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Asked 2/19/2013 7:06:01 PM
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