New deal was not an effective response to the Great Depression.
New Deal was the name for a series of economic and administrative measures taken by the administration of US President Franklin Delano Roosevelt in the 1930s to counter the effects of the Great Economic Crisis. Characteristics of this policy was the unprecedented US interference in the economy, that is, the replacement of the former system based on free market and monetarism with a system based on intervention, that is, increased government control over banks, industry, as well as stimulating consumption.
Explanation:
- According to Roosevelt's secretary, "The deal was not a plan with form and content. It was just a phrase Roosevelt came up with during the campaign. "
- The New Deal framework itself was supposed to solve the economic downturn, but it only came to fruition after World War II and US involvement.
- The most important reason for creating the New Deal program is the biggest collapse of Wall Street, the seat of the US economic world, on October 29, 1929, commonly known as Black Tuesday. It was the beginning of the Great Depression, that is, a major crisis that affected not only the United States but the entire world, and lasted from 1929 to 1933.
- Although Roosevelt did not explain the plan in detail and concretely, he still managed to have his vague and vague words draw the people to his side and lead him to victory in the election. The deal came as a response from US liberals to the enormous power of the capitalists to create a welfare state at the expense of the weakening power of Congress, which was under bad economic influence.
Class: History
Level: High school
Keywords: Roosevelt, New Deal, Wall Street collapse
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