This article will evaluate the New Deal and argue that the desire to dismantle it through laissez-faire capitalism or neoliberalism threatens the well-being of all citizens. The stock market crash of 1929 set the stage for the Great Depression, which was Franklin D. Roosevelt's ticket to the White House against his Republican foe Herbert Hoover. The American economy had been severely crippled and was in desperate need of economic stimulus. Consumers had lost trust and hope in the banking system, forcing the American people to withdraw their money in record numbers. Unemployment and poverty spiraled out of control. During the election campaign, Franklin D. Roosevelt metaphorically proclaimed that the American people needed a new agreement, in which it would restore their faith in the United States. When FDR took the Oval Office, he began passing massive laws. President Roosevelt's goals were simple and clear. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay. His first goal was to restore consumer confidence in the banking system. His second goal was to reduce the level of unemployment and poverty. This series of pieces of legislation and executive orders passed by FDR and Congress became known as the New Deal. Indisputably, the New Deal worked, creating a more sustainable and harmonious economy. However, the ideological liberalism that was once predominant has returned to center stage, requiring the disruption of these government programs. It is important to note that the term liberalism has changed over time, and the term conservatism has changed in response to this transformation of the word liberalism. Before the New Deal era, liberal ideology advocated an unhindered market economy, deregulation, privatization, and limiting government spending. In the case of the New Deal, liberal meant reforms that benefited the well-being of all through protective regulatory measures and welfare programs. In 1932, on September 23, Franklin Roosevelt delivered a presidential campaign speech in San Francisco called the Commonwealth Club Address. His message was that individualism must give way to collective action. The ideological liberalism that has allowed the American economy to spiral out of control through its praise of free market enterprise and lack of government intervention must end. “Some of my friends tell me they don't want the government to do business. With this I agree; but I wonder if they realize the implications of the past. Indeed, while it is American doctrine that the government must not enter into business in competition with private enterprise, it is nevertheless tradition, especially in Republican administrations, for business to urgently ask the government to make every type of assistance available to private individuals state. The same man who tells you he doesn't want to see the government interfere in business - and he means it, and he has many good reasons for saying it - is the first to go to Washington and ask the government for a prohibitive tariff on his product. “ (Franklin Roosevelt, Commonwealth Club speech) Franklin Roosevelt recognized that a lack of regulation, especially in banking, contributed to the poor economic conditions of the Great Depression. When he took office in 1933, that same March, President Roosevelt proclaimed a public holiday, shutting down the banking system. This ended the bank runs that consumers were making on U.S. banks. FDR understood the importance of the financial systemfor the economy. Although he wanted to regulate it, he knew he had to restore consumer confidence in the financial system and its government. On March 13, when institutions reopened for business, depositors lined up to return their cash to their neighborhood banks. Within two weeks, even if approved, Americans had redeposited more than half the currency they had accumulated before the suspension. The stock market was also suspended and, when reopened, recorded its largest single-day percentage increase. Franklin D. Roosevelt knew that to restart the economy it was necessary to build the American people's trust in institutions. Therefore, it was ironic that businessmen were calling for less government intervention, when it was government intervention that solved the Great Depression. During a speech during his re-election campaign, he metaphorically referred to the private sector as a train that has left. the tracks. He claims that this train did not rise from the ditch but was towed by the government. This strong message was meant to be reassuring to the citizens of the United States. With FDR at the helm of the United States government, deflation and falling prices ceased, industrial workers had more purchasing power, interest rates, energy rates, and transportation rates were reduced, the unemployment rate and of poverty even decreased. All of this happened because of a strong central government trying to create a level playing field for the public. Under FDR, social welfare programs were immense and life-changing. For example, the Civilian Conservation Corps (CCC) was a public labor relief program that operated for unemployed, unmarried men from families relieved as part of the New Deal. The Works Progress Administration (renamed in 1935 the Work Projects Administration; WPA) was also America's largest and most ambitious New Deal agency, employing millions of unemployed people to fill public sector jobs, primarily in infrastructure. Millions of dollars were pumped into the economy through the Reconstruction Finance Corporation, liquidating the assets of closed banks. Millions of dollars were pumped into the economy through the Federal Housing Program, which lent money to finance and build homes. This sort of public spending allowed money to circulate again. Government spending on social welfare put money into circulation for the economy to spend itself. President Roosevelt believed it was his administration's duty to combat this rise in income inequality and save American democracy, against the abuse of concentration of economic power that had grown insidiously among us over the past fifty years. FDR even recalled a warning from one of the founding fathers, Thomas Jefferson. President Jefferson warned that growing poverty and a great concentration of wealth could not sustain side by side in a democracy. However, after World War II, it didn't take long for business leaders to return to their desire to limit government. Indeed, many of them thought that the government should only intervene as a last resort when the economy cannot be stimulated through the private sector. This allowed classical liberalism to be reborn. While some liberals (welfare liberals) came to embrace government for its promotion of growth, management of the economy, and its concern for social welfare, there was a minority (corporate liberals) that evolved into an anti-state faction within the Conservative Party that only wanted growth. “As the government has become more responsive to.
tags