The Wall Street Crash Of 1929 And The Great Depression Essay

The Wall Street Crash Of 1929 And The Great Depression Essay

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The Wall Street Crash of 1929 and the Great Depression of the 1930s was a pivotal moment in America’s history. Prior to Roosevelt being elected to the presidency in 1932, the government had little involvement the financial institutions, there were no government regulations as such. The economic disparities between the rich and poor was so wide that there were no middle class. The economic system in America at the time had shifted towards the laissez-faire economic policies even though this economic principles were not always enthusiastically accepted in the United States. Laissez-faire economic is a system in which the transaction between the private sectors are freed from government interference such as regulations, privileges, tariffs and subsidies. When Roosevelt was elected, he immediately began instituting numerous reforms to deal with the pressing the economic crisis known to be the Great Depression. Some of these reforms were short-lived while other were successful and exist to this very day. “The New Deal” was the reformation act that revolutionized the American Society which provided reforms like the Fair Labor Standard and the Social Security Act that continued to shape the lives of millions of American today.
President Roosevelt radical approach extended federal power and precedents that empowered the Federal Government in many capacities. This was a turning point in America’s history because never before had the American government had instituted measures that will directly benefit it citizens economically. Roosevelt believed that the federal government was obligated to help its citizens when crisis arises. New Deal created many new roles for the government, such as directly helping the needy in society, managing indus...

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... and was deemed as a failure to some in its intended purpose, it eased the suffering brought upon the nation in the Great Depression. The numerous Act were established to help the American people by creating jobs and regulating businesses and insuring a safety net and caring for the more vulnerable member of the society. People were employed, getting direct relief from the government and almost guaranteed that another depression of that scale would never hit the United States at such a massive scale. The government also assumed new roles under the New Deal such as having direct connection with citizens, more ties to the economy such as regulations and insurance, and the government gained more power change laws and set conditions for the citizens and businesses. The New Deal revolutionized the American society and it is all credited to President Franklin D. Roosevelt.

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