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The New Deal: Balancing Act of Reform and Capitalism

Delve into the impact of the New Deal on American society. Was it radical or a protector of the status quo? Explore how it shaped social welfare, labor unions, and government intervention in the economy.

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The New Deal: Balancing Act of Reform and Capitalism

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  1. How Radical was the New Deal? Destroyer of Capitalism? Protector/Savior of Status Quo? Ruined the opportunity for a REVOLUTION! Gave just enough reform to squelch the momentum for a socialist agenda to redistribute wealth & end American capitalism Crash of ‘29 proves failure of capitalism; New Deal made the capitalist crisis livable Restored faith in banks Little progress in improving race relations Major corporations mostly continue in power – NOT nationalized Never borrowed/spent enough! “Roosevelt Depression” of 1937 due to cutting spending to balance budget. • Major government intervention in the economy • Massive increases in government spending & debt • Social welfare & “entitlement” programs - like Social Security - decrease expectation that citizens be totally self-reliant • Progressive taxation attacks wealth & success • Greatly empowers labor unions • Took domestic currency off the Gold Standard

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