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I. The Scandinavian States
- a. successful with Great Depression
- b. Socialist parties grew and between wars headed governments of Sweden, Denmark, Norway and Fnlad
- i. encouraged development of rural and industrial cooperationve enterprises
- ii. 90% of milk industryà cooperative
- i. greatly expanded social services: increase old-age pensions and unemployment insurance, free prenatal care, maternity allowances, etc.
- 1. to achieve social welfare states, they required high taxes and large bureaucracies, but this didn’t prevent their prospering
- b. greater rise in real wages than any other country
- a. US was second most affected
- i. industrial production down by 50%; 15 million unemployed
- 1. Democratic Franklin Delano Roosevelt won election
- b. Roosevelt pursued policy of active government intervention in economy called New Deal
New Deal did what?
- i. created variety of agencies designed to brign relief, recovery, and reform
- 1. to support banks, they created Federal Deposit Insurance Corporation
- a. insured safety of bank deposits up to $5000
- 2. Federal Emergency Relief Administration provided funds to help states and local communities meet the needs of the destitute and the homeless
Civilian Conservation COrps
- 1. Civilian Conservation Corps employed more than 2 million people on reforestation projects and federal road and conservation projects
- b. efforts of Roosevelt led to slow recovery and were criticizedà Second New Deal
- i. stepped-up program of public works, like the Works Prgogress Administration
- 1. government organization employed between 2 and 3 million people who worked at building bridges, roads, etc.
- 2. also responsible for social legislation that launched the American welfare state
- a. 1935: Social Secury Act created system of old-age pensions and unemployment insurance
- ii. National Labor Relations Act of 1935 encouraged the rapid growth of labor unions
The New Deal provided
- a. The New Deal provided some social reform measures in the US
- i. didn’t solve unemployment
- ii. After partial recovery, the economy experienced another rdownturn during winter of 1937-38
- 1. May 1937: American unemployment-= 7 millionà 11 million
- iii. WWII and subsequent growth of armaments led to full employment