1933
1935
1937
1939
1941 and Later
Mar: Emerg. Banking Relief Act
Dec: 21st Amend (repeal Prohib)
1934: FHA
May: Schecter decision on NRA
“Second New Deal”
Nov ‘36: FDR landslide
Douglas and F’furter to S. Court
Nov ‘42: Repub vict in Cong elec.
critique structural flaws of industrial
capitalism, combined with FDR’s-----
fiscal conservatism based in
production and balanced budget------
Mar: Arnold appt Asst Att Gen.
July: court-packing plan ‘fails’
Aug: “Roosevelt Recession”
Dies Committee (HUAC)
March ‘38: Anschluss
Nov ‘38: Repub vict in Cong elec.
gives way to Keynesian fiscalstimulus using deficit spending to
increase consumption------------------
“N.D. liberalism” focuses on fiscal
policy to stimulate consumption
ASSOCIATIONALISM
assoc. of business, state, labor
NIRA/ NRA (Hugh Johnson)
BAC (Swope/ Harriman)--PLANNING/ INTERVENTION
central planning and intervention of
state in economic activities
May: TVA (Lilienthal)
NRPB (Delano) [to 1943]
----ends with Schecter decision
1935-36: “littel NRAs” in hours,
wages, fair trade laws
---------------------------------------------
Guffey-Vinson Coal Act
appeasement and balanced budget
--------------------(Donald Richberg)
TEMPORARY RELIEF
March: CCC [disbanded WWII)
May: FERA (Hopkins)--------------cash and work relief
[Sept-Feb ‘34: CWA]
fed. employ on civil works
PWA (Ickes) infrastruct. invest:
schools, courthouses,
housing, etc. [ends ‘39]------May: AAA (Wallace)----------------restrict acreage, tax millers,
limit prod., crop destruction
RFC (from Hoover- then J. Jones)
T. Corcoran----------------------
REGULATION
May: Glass Steagall Act------------sep invest from commercial
banking, FDIC
June ‘34: Sec. Exch Act-------------SEC, disclosure, margin,
insider trading (C+C draft)
July ‘34: FCC--------------------------reg. radio, telegraph, etc
April; RA (Tugwell)
rural rehab, greenbelt towns
May: REA (M.L. Cooke)
Aug: Bank Act (Eccles/ Glass)
Fed. Reserve Board control
Post-War “liberal consensus”
excludes planning as totalitarian
Sept:: Wagner-Steagall Hous. Act
est. USHA
Mar: WPA (Hopkins)---------------Works Progress Adm bec.
Work Projects in ‘39.
pub const, theater, lit., art,
[disb WWII]
April: RA (Tugwell)
pick up rural relief fr. FERA
---(B. Cohen, Counsel, 33-34)---------(J. Frank, Counsel)-----------------
-------------------------------------------FSA: replace RA, loans for farm
purchase. Help tenant and
migrant farmers
---------------------------------------------
--------------------------------------------temporary relief limited by budget
balancing and superceded by
compensatory leg. and by war
spending...
---------------------- [ends ‘39]
--------------------------------------------WELFARE STATISM
and
compensate for failures of private
economy (“welfare state”)
July: Wealth Tax Act
etsate, gift, profits tax incr.
Aug: Social Security Act
pensions, elderly poor,-------unemployment, ADC
and ATOMIZATION
state acts as referee an admin.
overseer of private economy
May: Wagner Act--------------------NLRB, support unions,
coll. bargaining, etc
July: Public Utilities Holding. --Co. Act (C+C. drafts)
Corc. leads “New Dealers”
COMPENSATION
compenstae for underconsumption
through gov’t spending
Jun ‘38: new pub. wks spending
(Fed: Eccles/ Currie/ Ruml)
--------------------------------------------Dec: Jackson “capital strike” spch
April ‘38: TNEC investigation
1938: Fair Labor Standards Act
vigorous enforcement of anti-trust
leg (ShermanAct 1912) to check
“capital strike,” protect consumer
and stimulate-consumption(Arnold)
June ‘40: min. wage set at 40¢/hr
--------------------------------------------
spending and anti-monop policies
converge wtht shift from Brandeisian
fear of “bigness” and “money power”
to Keynesian/ consumer-oriented
anti-monopoly sentiment
WW II MOBILIZATION
by end of 1943 cong. eliminates:
CCC, WPA, HOLC, NRPB
Military Keynesianism:
War spending
Cold War spending
Space program
Vietnam spending
--------1965: War on Poverty
--------1965: Medicare/ Medicaid
WW II MOBILIZATION
US v. Hutcheson stops anti-trust
suits against unions
anti-trust enforc and increased state
regulation and administratio of
business. givs way to defense
motivated cartelization.