World War II: An Answer to the Great Depression

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The Great Depression era was a dark moment in history for American economic history, however often times we overlook the tremendous response from our federal government. President Roosevelt used the power of the presidency to pass several monumental pieces of economic legislation such as the Emergency Banking Act and the Glass-Steagall Act. Roosevelt’s administration also passed legislation that formulated various social programs such as the Public Works Program and the Federal Housing Authority. These programs were largely focused on providing temporary relief for American citizens. Furthermore, many Americans were employed to construct parks, roads, and bridges. World War II also played a big part in stimulating the American economy during this time period. Citizens at home were able to work on machinery and other military accessories to supply the troops during the war. Franklin D. Roosevelt and his administration brought America through the most difficult economic time in its history and they ushered in pragmatic progressive economic policies.

The Great Depression of the 1930s was a culmination of disastrous economic events that resulted in the worst economic period in American history. The Stock Market Crash of 1929 is seen as the beginning of the economic downward spiral. The Stock Market Crash of 1929 was caused by a lack of regulation in the financial industry, investors aggressively buying on margin, and overvalued stocks due to market manipulation. Although this event occurred in 1929, Roosevelt ultimately had to address the problems as a result of the crash because President Herbert Hoover was seen as “not doing enough” and lost the election to Roosevelt in 1932. The Great Depression also featured skyrocke...

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...during the U.S. Great Depression (Minnesota Federal Reserve, 2010), accessed April 30, 2014, http://www.minneapolisfed.org/research/wp/wp670.pdf.

• Kenneth S. Roberts. "ROOSEVELT and the New Deal." Forum and Century (1930-1940) OL. LXXXIX, no. 4 (04, 1933): 207. http://ezproxy.uta.edu/docview/90901291?accountid=7117.

• Robert Higgs. "The Mythology of Roosevelt and the New Deal." The Freeman 48, no. 9 (09, 1998): 553-557. http://ezproxy.uta.edu/docview/196597780?accountid=7117.

• Steven Horwitz and Michael J. McPhillips. "The Reality of the Wartime Economy: More Historical Evidence on Whether World War II Ended the Great Depression." The Independent Review 17, no. 3 (Winter, 2013): 325-347. http://ezproxy.uta.edu/docview/1267794689?accountid=7117.

• Louis Hyman, Debtor nation: the history of America in red ink (Princeton, N.J.: Princeton University Press, 2011).

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