Are you a finance, economics or even a history student in college and under pressure to learn and write about the New Deal? Then you’ve just landed in the right spot, and this article will provide a treasure trove of knowledge for your paper.
In this insightful read, you will learn 8 key approaches on how to structure and craft an analytical essay/research paper on the financial implications of the new deal. Let’s dive right in!
The New Deal Timeline Summary
We’ll tell you all about what the new deal was and what the financial implications were for the American economy. But first, if you’re a student who is struggling to research, draft or even write your paper on this subject, then try out a service like EssayUSA writing service. Their writers can augment your study along with the material from this article.
Your essay will begin by describing what the New Deal was. This was a series of programs enacted by President Franklin D. Roosevelt in the 1930s to stabilize and rejuvenate the American economy after the Great Depression. It had three main goals, packaged as the 3Rs:
- Relief: The unemployed and impoverished were to be provided with immediate assistance through programs like the Civilian Conservation Corps (CCC) and Direct Relief.
- Recovery: The program would stimulate economic growth and get people back to work through public works projects funded by the Works Progress Administration (WPA).
- Reform: In the wake of the Great Depression, the root causes of the crisis would be addressed and future economic crises prevented. These were mainly financial reforms that touched on banking (FDIC), stock market regulation (SEC), labor rights (NLRA), and agriculture (AAA).
The approach of your essay in relation to the New Deal is quite important, and should showcase clear thought and synthesis. Since the New Deal’s financial legacy is complex and debated by historians, you must also have an original approach in thought to it.
Timeline and Key Events of the New Deal (1929-1941)
An important part of your writing your essay on the New Deal is to key in the main dates, as these have rolling implications. Here is a snapshot of the New Deal era’s major events and their financial implications:
1929: The Stock Market crashes, and that signals the beginning of the Great Depression. Unemployment soars, bank failures become widespread.
1933: Following his election into office, Franklin D. Roosevelt ushers in the “First Hundred Days” with lots of legislative activity aimed at stabilizing the American economy and restore confidence in the banking system.
The first important legislation is the Emergency Banking Act that reopens banks and creates the Federal Deposit Insurance Corporation (FDIC). The Civilian Conservation Corps (CCC) launches aiming to provide relief through jobs in conservation and infrastructure projects.
1934: The biggest milestone of all is the establishment of the Securities and Exchange Commission (SEC), which has set the pace for stock market regulation in the U.S. This would also prevent a repeat of the stock market collapse.
The National Labor Relations Act (NLRA) guarantees workers’ right to unionize, thus potentially impacting business costs.
1935: Another very important event is the establishment of The Social Security Act that lays the foundation for a social safety net. This will eventually provide financial assistance for retirees and unemployed workers which has long-term financial implications through ongoing social security taxes.
In the same year, the Works Progress Administration (WPA) expands on the CCC model, which creates millions of jobs in public works projects.
1936-1937: Another recession happens, which slows down economic recovery. Debate is sparked about the effectiveness of New Deal spending. [Here is a critical inflection point in your essay/research paper analysis.
1938: The Fair Labor Standards Act establishes a minimum wage and overtime pay. That impacts labor costs and worker income.
Late 1930s: With the recession and a wave of opposing voices, FDR’s focus with The New Deal shifts away from large-scale spending programs. The economy shows signs of improvement, until World War 2 begins in full swing.
1941: With WW2 in full swing, the American economy goes into full overtime mode – there is increased government spending and nearly full employment. The New Deal essentially becomes intertwined with wartime spending.
World War II fundamentally changes the U.S. economy, leading to full employment and increased government spending.
With that snapshot and those historical events in place, you now have a solid base for your essay/research paper. You can correlate New Deal programs and their intended financial effects, vis, the 3Rs, i.e. relief, recovery and reform.
Key Points to Consider and Analyze for Your New Deal Essay
With that snapshot view and context out of the way, we’ll now take a brief look at how to approach your essay on the financial implications of The New Deal.
Below are several ways to approach your essay, or essay questions you might encounter.
- The Three R’s: Analyze how different New Deal programs addressed these goals financially.
- Relief Programs: Opponents of the New Deal have argued that it prioritized Short-Term Solutions and inflated Long-Term Costs such as government debt. Analyze their financial impact. Did they effectively put people back to work and stimulate spending?
- Deficit Spending: Research the concept of deficit spending and how it was used during the New Deal. Analyze the arguments for and against this approach. Was it necessary to pull the U.S. out of the Depression, or did it create long-term financial burdens?
- Banking Reforms: Analyze the long-term impact of reforms such as the creation of the FDIC on the banking system.
- Regulating the Stock Market: Research the creation of the Securities and Exchange Commission (SEC) and its role in regulating the stock market. Analyze how the SEC’s regulations impacted financial practices and/or investor confidence.
- The New Deal and Labor: Research the financial implications of programs such as the National Labor Relations Act (NLRA). Did they empower workers and improve wages, or did they stifle business growth? Analyze the delicate balance between worker rights and economic prosperity.
- The New Deal and Agriculture: Research the financial mechanisms of programs such as the Agricultural Adjustment Act (AAA) that brought about crop production controls. Analyze the effectiveness of these programs. Did they help farmers, or did they lead to unintended consequences?
- Long-Term Impact of The New Deal: Evaluate the overall success of the New Deal’s financial programs. Did they achieve relief, recovery, and reform? Analyze how the New Deal impacted the national debt, unemployment rates, and economic growth. Consider both positive and negative long-term financial consequences.
Wrapping Up
Bravo! You are now ready to tackle an analytical essay or research paper on the financial aspects and implications of The New Deal. Remember to consult credible sources like academic journals, government reports, and historical documents. And, don’t just summarize facts – analyze them!
We’ve covered different perspectives on the New Deal’s financial impact. Use this text as a guide to deliver an A-plus paper and blow away your instructor. Good luck!
