lecture26_312_NewDeal_SP11_overheads

lecture26_312_NewDeal_SP11_overheads - Lecture 26 May 4,...

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Lecture 26 May 4, 2011 The New Deal The Second New Deal Please read chapter 23 in Atack as well as chapter 22 Note: There will be a review session for the Final Exam at 11:00 on Friday, May 13, in Jimenez Hall Room 0220. I will be there to answer questions, I will not prepare any lecture.
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The First New Deal was a smashing political success. The Democrats won a sweeping victory in the off year elections in 1934, consolidating their control of the Senate. In 1935 they began adjusting the major New Deal programs. The changes that occurred in 1935 are sometimes called the “second Hundred Days,” but that doesn’t describe what happened very well. Not only did the changes occur over a longer period, but the nature of the changes were different. Rather than adopting an “emergency” program, the New Deal tried to implement a permanent program of reforms that would last for longer than the current economic depression.
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There were several elements to the 1935 (and later) reforms: On the dimension of permanence, programs differed in two ways: One was permanent programs The other was a continuation of emergency programs. On another dimension, whether programs were administered by the national or state governments, or whether they were administered jointly (what we could call federal programs if that word wasn’t already taken).
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In the first New Deal there were programs for The Unemployed (FERA) Farmers (AAA) Business (NRA) Banks (Glass-Steagall, FDIC, reorganizing the Fed) Securities Markets (SEC) Public Power (TVA) some of these programs were dropped, and others were changed.
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The case, Schecter Poultry , was a case about the minimum wage provision of an NRA code. The plaintiff, Schecter, argued that their business was not engaged in inter-state trade, and therefore that the national government could not regulate their wages. The Supreme Court agreed. The NRA was largely abandoned, Pieces of NRA policies, however, became part of the legacy The Wagner Act in 1935 established the National Labor Relations Board, And the Fair Labor Standards Act established minimum wages and maximum hour provisions in 1938. Although not all businessmen left the Democratic party,
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lecture26_312_NewDeal_SP11_overheads - Lecture 26 May 4,...

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