United States History: 1912 to 1941: World War I, the Depression, and the New Deal (Essentials)
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United States History: 1912 to 1941 discusses the election of Woodrow Wilson, the New Freedom, World War I, peacemaking and domestic problems, economic advances and social tensions, the Great Depression, the first and second New Deals, and New Deal diplomacy.
Radio was free entertainment, paid for by advertising. Despite the many new diversions, Americans continued to read, and millions of popular magazines were sold each week. Popular books of the period included the Tarzan series and Zane Grey’s westerns, as well as literary works, some of which are mentioned below. 5.2.12 Literary Trends Many talented writers of the twenties were disgusted with the hypocrisy and materialism of contemporary American society, and expressed their concern in their
6.3.2 The McNary-Haugen Bill In 1921 George Peek and Hugh S. Johnson, farm machinery manufacturers in Illinois, developed a plan to raise prices for basic farm products. The government would buy and resell in the domestic market a commodity such as wheat at the world price plus the tariff. The surplus would be sold abroad at the world price, and the difference made up by an equalization fee on all farmers in proportion to the amount of the commodity they had sold. When farm conditions did not
the president’s order of March 6, and the nation went off the gold standard. Eventually, on January 31, 1934, the value of the dollar was set at $35 per ounce of gold, 59 percent of its former value. The object of the devaluation was to raise prices and help American exports. 8.2.3 Later Economic Legislation of the First New Deal The Securities and Exchange Commission was created in 1934 to supervise stock exchanges and to punish fraud in securities trading. The Federal Housing Administration
financing. 8.2.8 The National Industrial Recovery Act This law, passed on June 16, 1933, the last day of the Hundred Days, was viewed as the cornerstone of the recovery program. It sought to stabilize the economy by preventing extreme competition, labor-management conflicts, and over-production. A board composed of industrial and labor leaders in each industry or business drew up a code for that industry which set minimum prices, minimum wages, maximum work hours, production limits, and quotas.
March 1934 forced the Philippines to become independent on July 4, 1946, rather than grant dominion status which the Filipinos had requested. 11.1.5 The Reciprocal Trade Agreement Act This law, the idea of Cordell Hull, was passed in June 1934. It allowed the president to negotiate agreements which could vary from the rates of the Hawley-Smoot Tariff up to fifty percent. By 1936 lower rates had been negotiated with thirteen nations, and by 1941 almost two-thirds of all American foreign trade