The Great Depression began by the complete collapse of the stock market on October 24th, 1929 when about 13 million shares of stock were sold. The damage was extended on Tuesday, October 29 when more than 16 million shares were sold making the day forever known as Black Tuesday. The value of most shares fell sharply, leaving financial ruin and panic in its wake. There has never been a collapse in the market that has had such a devastating and long-term effect on the economy. Businesses closed and banks failed by the hundreds due to the collapse, putting millions out of work. Wages for those still fortunate enough to have work fell sharply. The value of money decreased as the demand for goods declined. In Franklin Roosevelt and the New Deal by William E. Leuchtenburg, the economic plight of the Depression is seen. "In the three years of Herbert Hoover's Presidency, the bottom had dropped out of the stock market and industrial production had been cut more than half.. By 1932, the unemployed numbered upward of thirteen million. Many lived in the primitive conditions of a preindustrial society stricken by famine."1
1) Compare and contrast the New Deal and the Great Society. Under what conditions did the two reform efforts take place and how did these conditions influence them? What were the key pieces of legislation of each? What were the intentions of the supporters of each of these programs and the presidents who articulated them? Overall, did they have a positive or negative effect on U. S. society?
The New Deal and the Great Society Essay - Free Articles
The New Deal gave more heed to education which is why, during the process, there were experiments about the curriculum and strategies of learning that of course led to a redefined education that not just the US government is enjoying but also it influenced places to places all over the globe. Before the New Deal existed, the economy in the United States was down, there were no insurance on deposits in banks, social security, national safety net, nor unemployment insurance, even a number of banks went down that resulted too many depositors who lost their savings. During that time, New Deal has educated people and improved the government in terms of economy because people learned to do things in a way everyone would benefit and during that time, employment rates started to rise and so with the economy. It only took one spark to light to wake the burning fire. However, at some point of time came the term Great Society. Its aim was different to the New Deal but somehow correlated to it. One of its goals was to eliminate poverty after the post World War II and as a solution for that; there was a lowering of tax which resulted to a very great improvement in the society which the historians describes as “the greatest prosperity of the post war years”. Another goal was to eliminate racism. It could not be denied that at a time, there was a great division between the white and the black which led to riots and unjust political system. The white were more dominant that time but Great Society urged the society to change and it successfully did. As a result, there were peace and unity and people lived in harmony without prejudice of what skin colour they have.