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Planet Money
Summer School 7: The Great Depression, the New Deal and how it changed our economy
Aug 21, 2024
Explore the dramatic transformation in government-business relationships during the Great Depression. Discover how the 1929 stock market crash led to staggering unemployment and bank failures. Delve into FDR's fireside chats and the decision to abandon the gold standard, which altered monetary policy forever. Hear about the power dynamics within labor as workers organized for rights amidst economic turmoil. The discussion highlights pivotal moments in labor history that reshaped the workforce and union landscape in America.
35:29
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Quick takeaways
- The intervention of government during the Great Depression marked a significant shift towards utilizing fiscal policy to stabilize the U.S. economy.
- The establishment of workers' rights during the New Deal empowered labor unions, contributing to a stronger middle class and improved working conditions.
Deep dives
The Prelude to the Great Depression
In the 1920s, the United States experienced significant economic growth and established a single paper currency backed by a central bank, creating a sense of stability. This era, characterized by laissez-faire capitalism, reflected a belief that minimal government intervention would allow the economy to self-regulate effectively. However, underlying issues such as excessive consumer and government debt, in conjunction with vast wealth inequality, began to destabilize this optimism. The convergence of these factors ultimately culminated in the stock market crash of 1929, setting the stage for the Great Depression.
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