lec_23_111B - ECN 111B: US Economic History since the ECN...

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Lecture 23 The Great Depression: The Lecture 23 The Great Depression: The Recovery Finally! Recovery Finally! ECN 111B: US Economic History since the ECN 111B: US Economic History since the Civil War Civil War Winter 2010 Winter 2010
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Lecture 23 Outline Lecture 23 Outline The GREAT DEPRESSION Relief and Recovery through the FIRST NEW DEAL Who benefitted from the NEW DEAL The Second New Deal: The rise of Social Democracy Can it happen again?
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KEY Readings for Today’s KEY Readings for Today’s Lecture Lecture Essential Reading: Walton and Rockoff ch. 24 Suggested Reading Atack and Passell ch. 22
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The Great Depression: Some The Great Depression: Some Figures Figures This is a watershed economic event The world economy has not seen anything as big since. Neither has the US. Real GDP falls by 25% (1929-1933). Industrial output falls by one half! (48%) (Gross) Investment falls from 18 to 1% of GDP Deflation: prices down by 33% Unemployment up to 25% Output and income do not recover until World War II Growth recovers by 1934
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What Caused the Recovery? What Caused the Recovery? Fiscal Policy Monetary Factors: Going off the gold standard…etc New Regulations
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The New Deal as an Alphabet The New Deal as an Alphabet Soup Soup From March 1933 through to the fall congress and the president vigorously responded to the Depression by approving a multitude of new laws. From the beginning the Executive took charge and then congress came in to legitimize the plans. There was always deep skepticism in the government about leaving too much discretion. Discretion and lack of oversight can easily lead to favoritism and political patronage.
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Agriculture and the Depression: Agriculture and the Depression: AAA (May 1933) AAA (May 1933) Price supports, production quotas, all helped farmers who were devastated by falling prices after 1929. Aimed to determine the “right” amount of acreage for each
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lec_23_111B - ECN 111B: US Economic History since the ECN...

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