Franklin D Roosevelt, Effects of Economic Depression

Franklin D Roosevelt

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  • The policy formulated to overcome depression by Franklin D Roosevelt is known as New  Deal.  It  Includes Relief,Recovery and Reforms
  • The  Tennessee Valley Authority was established for the promotion of construction of dams, power plants, navigation projects, flood control projects, soil conservation, and reforestation programmes.
  • The  Federal    Emergency Relief Administration (FERA) was set up to provide with 500 million dollars to be given to the state and local governments.
  • Federal Reserve Bank was set up to provide loans to banking institutions and industries.
  • The Security Exchange Act 1934, issued license to stock exchange.
  • The National Industrial Recovery Act (NIRA) was passed to reform the conditions of the workers by raising wages and lowering their working hours.
  • The  Agricultural  Adjustment  Act (AAA) was passed to provide compensation to farmers who curtailed agricultural production there by to raise prices.

Effects

  • Despite few limitations, the New Deal strengthened the American economy.
  • It restored confidence among the people.
  • It laid a firm foundation for industrial prosperity and led to increased production.

Many ideas of the new deal like,

  1. Collective bargaining between the employee and the workers.
  2. Regulation of stock exchange
  3. Restriction on hours of work are now accepted as part of the American pattern of life. New deal has become synonyms with reforms through out the world. By 1940 there was normal economic activities in the USA.

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