The legacy of the new deal by historians point of view

The legacy of the New Deal

Who continues to debate the significance and the legacy of the New Deal and what does the historian's assessment of the New Deal usually aligns with ?

Following the crisis caused by the bursting of the irrational speculative bubble inherent in a system of deregulated capitalism, President Hoover stubbornly persisted in a laissez-faire policy awaiting the resumption of the free market alone.

For the American people, it was largely because of the failure of Hoover's policy that the Democrat Franklin Delano Roosevelt was elected in 1932.

As early as 1933, the Democratic President implements an interventionist policy of the federal state in response to the Great Depression.

After the terrible crash and the huge economic crisis of 1929, the American people favourably and warmly welcomed the policy of the New Deal.

It was important for the people, for the economy as well as for the state to undertake profound financial market reforms.

It was more than necessary to fight against the sharp unemployment that affected Americans. According to the figures and to the economists, the New Deal allows the country to struggle against the economic crisis and to reduce drastically unemployment.

In 1933, the rate of unemployment approximately affected one quart of the labour force, it is to say 12,6 millions. In 1939, the rate of unemployment reached 16,5% of the labour force, it is to say 8,8 millions.

Historians can not deny the fact that the New Deal has significantly changed the face of the United States, it revolutionized the fields of transportation, electricity, hydraulic dams, housing and public infrastructures. Nowadays, the legacy of these public infrastructures is huge thanks to the Works Progress Administration. This program of the New Deal allowed to construction of 1,500 kilometres of runways, a million kilometres of motorways, 124,000 bridges, 8,000 parks and 18,000 sports fields , 135,000 kilometres of pipelines and 125,000 public buildings constructed including 41,300 schools.

Although these public investments represented a significant progress for the country, it also allowed to employ hundreds of thousands of people in the construction sector.

The need of a significant workforce contributed to a positive change at a social level.

The productivity of the industry increases by 20% compared to 1929.

One of the priorities of the New Deal was to clean up the economy and establish a secure and strong base to prevent the same type of situation from recurring.

The success of the reforms of Securities Exchange Act of 1934 was undeniable.

The number of banking bankruptcies was 4,000 in 1933 and dropped to 9 in 1934.

The importance of this transparency of the financial reports required by this Act served as the foundation for the dizzying growth of capital markets and the economy in the United States.

Social security is undoubtedly the most incredible internal success of the Roosevelt administration: today it benefits more than 54

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