Acceptance of the nomination of the Democratic Party for the president Franklin Roosevelt’s speech 1982

Acceptance of the nomination of the Democratic Party for the president Franklin Roosevelt’s speech 1982

The term New Deal originates from President Franklin Roosevelt’s speech that occurred in 1932 concerning the acceptance of the nomination of the Democratic Party for the president. Later, he enacted a set of policies that increased the role of the federal government in the economy to respond to the Great Depression that caused a recession.

Strengths

The New Deal created a wide range of government programs whose intention was to provide economic relief to regulate the private industry, intervene for the suffering as well as developing the economy. Precisely, one can summarize the strengths of the New Deal in the three Rs. First, there is the relief which aimed at aiding the unemployed individuals. The second R is recovery. The objective of this policy is to recover and expand the economy by creating employment opportunities and increasing federal spending. The third R stands for reform. The regulation involved the reformation of capitalism as well as the creation of new social welfare programs. Indeed, the Roosevelt New Deal contributed significantly to expanding the size and scope of the federal government. Hence, reshaping the American political culture around the principle indicating that the government has the mandate to safeguard the welfare of its citizens.

Weaknesses

Among the most significant shortcomings of the New Deal is the upsetting of a balanced federal budget, which created a massive national deficit. Besides, the programs failed to end the massive unemployment. Roosevelt had to borrow a considerable amount of money to fund the New Deal programs. However, when he realized that there was no improvement in the economy, he began worrying about inflation and ordered cuts in government spending. The economic situation worsened, and businesses were scared to spend. Eventually, Roosevelt reinstituted the government spending, but this time it was unfortunately too late. There was no significant increase in employment levels. Although the New Deal provided hope to people, its 3R programs had a little impact in ending the Great Depression. Instead, it pushed the country into more debt.

Question 2

The 1950s, 1960s, and 1970s era saw a significant post World War II economic expansion. This period is also referred to as the golden age of capitalism or merely the long boom. The US, Soviet Union, Western and East Asian nations encountered a considerably high and sustained growth despite the war devastations in most countries. The reasons behind the rapid population growth between 1950-1973 include depopulation, increased productivity, as well as the creation of new products and services.

Depopulation

The substantial reduction of populations in most areas due to the aftermath of World War II tended to free up resources for investments. Besides, it created an environment with significantly lower competition for the survivors. Therefore, there was a fall in the prices of oil and other commodities, which resulted in an affordable high standard lifestyle.

Productivity

The productivity that existed before the war continued until the early 70s. Automation technologies, including the feedback controllers, aided the manufacturing processes. The wholesale and retail businesses benefited from new distribution warehouses, highway systems as well as the handling equipment such as the forklifts. The displacement of oil adopted various applications, specifically in ships and locomotives. In the agricultural sector, post-WW II experienced a widespread introduction to new farming methods such as tractors, chemical fertilizers, and pesticides. Hence, increasing the overall productivity rates due to high yields.

Increased new products and services

During this era, there was a significant expansion and creation of industries. This scenario resulted in improved products and services such as computer technology, television, and commercial aviation, especially in the United States. Besides, the increased consumer spending to purchase these goods played a vital role in fueling the economic prosperity of the period.