Question

AND
QUESTION 2: CAPITALISM IN THE USA 1900-1940
"Roosevelt's New Deal had both negative and positive impact on the American people.
Do you agree with this statement? Substantiate your line of argument by focusing on
the positive and negative impact of the New Deal.in essay
(50)
Grand total:100​

Answer 1

CAPITALISM IN THE USA 1900 TO 1940 is an economic system which the government plays a secondary role.  American economic growth in the second half of the 1800s was the fastest in its history, generating significant increases in production, wages and personal wealth.

Answer 2

:CAPITALISM IN THE USA 1900 TO 1940

is an economic system which the government plays a secondary role. People and companies make most of the decisions, and own most of the property... The means of production are largely or entirely privately owned by individuals or companies and operated for profit.

CAPITALISM FLOURISHING

 At the beginning of the 20th century, the United States (US) was a burgeoning superpower. US industrial and manufacturing rivalled that of the European great powers.

 American economic growth in the second half of the 1800s was the fastest in its history, generating significant increases in production, wages and personal wealth.

 The late 1800s, in particular, was a period of rapid industrialisation, expansion, population growth and, for some, growing prosperity.

 The tremendous opportunities available in America sparked a surge in immigration in the late 1800s. Millions of migrant workers crossed the seas from Europe and Asia, seeking job opportunities as well as political and religious freedom.

CAPITALIST INTERESTS WERE SERVED ON ALL LEVELS OF GOVERNMENT

: • Local taxes were exceedingly light on the largest enterprises.

• A crucial step in this process was local assessment of property as a base for taxation. • Profits grew accordingly. Between 1905 and 1917, the company "earned a sum equal to 150 percent of its outstanding capitalization and paid in dividends a sum equal to its capitalization.

CONTINUES

…. • Heightened mechanization accompanied monopolization • In the steel industry, labor costs fell. Between 1890 and 1910, steelworkers' earnings rose by half while their productivity tripled. • Another source of increased profits came from the lengthened workday. • By 1920, 85,000 U.S. Steel workers labored for 12 hours per day for seven days a week. • This number had risen from slightly over 45,000 nine years earlier.

EVENTS LEADING UP TO THE GREAT DEPRESSION

• A number of factors contributed to the country's financial troubles

• Reckless spending

• More people bought stock as part of investment

• Led to the Wall street crash

THE GREAT DEPRESSION

• The Great Depression began with the stock market crash of 1929 and lasted until 1939.

• The worst economic downturn in history, the decade was defined by widespread unemployment and steep declines in industrial output.

• President Franklin D. Roosevelt responded to the crisis with a series of federal programs known as the New Deal, which included the Social Security Administration and the Works Progress Administration.

• The Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world

Its social and cultural effects

were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War.

• Virtually every industrialized country endured declines in wholesale prices of 30 percent or more between 1929 and 1933.

• he prices of primary commodities traded in world markets declined even more dramatically during this period.

CONTINUES

… • The prices of coffee, cotton, silk, and rubber were reduced by roughly half just between September 1929 and December 1930.

THE US RECOVERY 1933

• The output grew rapidly in the mid-1930s: real GDP rose at an average rate of 9 percent per year between 1933 and 1937. Output had fallen so deeply in the early years of the 1930s, however, that it remained substantially below its long-run trend path throughout this period.

• In 1937–38 the United States suffered another severe downturn, but after mid- 1938 the American economy grew even more rapidly than in the mid-1930s. The country’s output finally returned to its long-run trend path in 1942.

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