The Great Depression & New Deal (1929-1941)

The Great Depression & New Deal (1929-1941)

Part 1: Basic Economics + Causes of GD

Introduction

The nation, like all capitalist nations, had suffered economic downturns many times, including longterm depressions (1837, '73, `93)

But the 1930s Depression was different Many Americans gripped by fear for their survival Widespread bank and business failures and unemployment Affected both middle and working-class people

FDR was elected four times throughout its duration, resulting in a dramatic expansion of the federal government

The Constitution & the Economy

The Constitutional basis for government involvement in the economy comes from Article I of the U.S. Constitution

Economic powers granted to Congress: Collect taxes Provide for the general welfare Borrow money Regulate interstate and foreign commerce Establish bankruptcy laws Coin money and regulate its value Protect writings/discoveries of authors/inventors

Question: How would you characterize the economic powers of Congress granted in 1787? A lot? A little? Unclear?

Theme--Economic History

Early republic (1787 to 1830s)

Age of Jackson (1830) Civil War (1861-'65) Gilded Age (1865-1900) Progressive Era & WWI

(1900-1920) The "Roaring 20's" (1920-

1929) The New Deal (1933-1941) Post-WWII (1946 and

beyond)

Historical Period Early Republic (1787 to 1830s)

Age of Jackson (1830s) Civil War (1861-'65)

Role of the U.S. Government in the Economy

? Constitution builds basis for government intervention

? Hamilton's fiscal plan: national bank; assumption of war debts to ensure good credit; protectionist economic policy (tariff)

? Generally speaking, subsequent presidents continue in that fashion, supporting the American system (tariff + bank + internal improvements)

Gilded Age (1865-1900)

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