New deal definition
The New Deal was a series of programs, policies, and projects implemented by President Franklin D. Roosevelt during the Great Depression, which lasted from 1929 to the late 1930s. The term "New Deal" was coined by Roosevelt himself, and it referred to a comprehensive package of reforms and initiatives aimed at addressing the economic crisis and restoring prosperity to the United States.
The New Deal was characterized by several key features:
- Economic stimulus: The New Deal aimed to stimulate economic growth by increasing government spending, creating jobs, and providing relief to those affected by the Depression.
- Regulation of business: The New Deal introduced new regulations to prevent the kind of reckless speculation and corporate malfeasance that contributed to the Great Depression.
- Social welfare programs: The New Deal established a range of social welfare programs, including unemployment insurance, old-age pensions, and assistance for the poor and vulnerable.
- Infrastructure development: The New Deal invested heavily in infrastructure development, including the construction of roads, bridges, and public buildings.
Some of the most notable New Deal programs and policies include:
- Works Progress Administration (WPA): A program that provided jobs for millions of Americans in construction, arts, and other fields.
- Civilian Conservation Corps (CCC): A program that employed young men in conservation and infrastructure projects.
- Federal Deposit Insurance Corporation (FDIC): An agency that insured bank deposits and restored confidence in the banking system.
- Social Security Act: A law that established a system of old-age pensions and assistance for the poor.
- National Recovery Administration (NRA): A program that established codes of fair competition and set minimum wages and working conditions for industries.
The New Deal had a significant impact on American society and economy, and it is widely regarded as one of the most important and influential periods in American history.