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The Economics of the Great Depression and the New Deal

The Economics of the Great Depression and the New Deal. Dr. Gary Quinlivan Dean of the Alex G. McKenna School of Business, Economics, and Government Saint Vincent College GQ@stvincent.edu. Stock Market Crash of 1929. Jeremy J. Siegel, Stocks for the Long Run , McGraw-Hill, 1998

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The Economics of the Great Depression and the New Deal

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  1. The Economics of the Great Depression and the New Deal Dr. Gary Quinlivan Dean of the Alex G. McKenna School of Business, Economics, and Government Saint Vincent College GQ@stvincent.edu

  2. Stock Market Crash of 1929 Jeremy J. Siegel, Stocks for the Long Run, McGraw-Hill, 1998 Burton G. Malkiel, A Random Walk Down Wall Street, Norton, 1999.

  3. Bank Failures

  4. Hoover Response 1. 1930 Smoot-Hawley Tariff 2. 1930: 1% tax cut for one year 3. 1930: $400 million in public work expenditures 4. 1932: Huge increase in taxes 5. 1932: Reconstruction Finance Corporation

  5. Foreign Trade Policy

  6. Higher Taxes: Hoover and FDR

  7. FDR: It’s the Private Sector’s Fault

  8. FDR’s New Deal 1933-35 1. Banking Act of 1933: FDIC 2. AU stock Nationalized 3. Federal Farm Mortgage Corporation & Home Loan Corporation 4. First Agricultural Adjustment Act 5. TVA 6. Federal Emergency Relief Act (FERA 5-12-33) 7. Public Works Administration (Harold Ickes--Dept. of Interior) 8. Works Project Administration in 1935 9. Securities Act 6/33--created SEC in 6/34 10. 6/33 National Industry Recovery Act 11. Bank Act of 1935

  9. FDR 1935-36: Higher Taxes, Fed support of Unions & Expansion of the Welfare State 1. SS Act of 1935 2. Wagner Act of 1935 3. 8/35 Guffney-Snyder Act 4. 1936 Walsh-Healey Act 5. 1936: Tax on Retained Earning & Higher MTR 6. Fair Labor Standards Act 7. 1938 2nd AAA 8. Federal bureau of Mines 9. Federal Control over Interstate Pipelines & Trucking, and Air Travel

  10. Depression of 1937-38

  11. Fiscal Policy: Government Expenditures

  12. Fiscal Policy: Taxes

  13. Monetary Policy

  14. References Milton Friedman and Anna J. Schwartz, A Monetary History of the United States: 1857-1960, Princeton University Press, 1963. Chapter 7 & 8. Michael R. Darby, Macroeconomics: The Theory of Income, Employment, and the Price Level, McGraw Hill, New York, 1976, Chapter 10. Bennett T. McCallum, Monetary Economics: Theory and Policy, Macmillan, 1989. R.A. Mundell, AA Reconsideration of the Twentieth Century,@American Economic Review, July 2000, pp. 327B339. Gene Smiley, Rethinking the Great Depression, Ivan R. Dee, 2002. Gary M. Quinlivan and Brian Surkan, For Freedom and Prosperity: Philip M. McKenna and the Gold Standard League, Center for Economic and Policy Education, 1999.

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