The New Deal Essay

603 words - 2 pages

Throughout history there have been many different opinions about government regulation. Because the relative greed of businesses in terms of profit margins and little interest in the increase of wages and positive working environments played a role in causing the Great Depression, President Franklin Roosevelt implemented a set of policies known as the New Deal. The New Deal attempted to provide recovery and relief from the Great Depression through programs of business regulation. The New Deal posed as a major threat to big businesses and corporations because it symbolized an end to the principle of Laissez Faire. However, the New Deal conserved and protected American business because it stabilized businesses, helped unemployed workers, and protected consumers from inefficient service and exorbitant charges.

The first reason the New Deal conserved and protected American business because it stabilized the businesses by taking the nation off of the gold standard and canceling any use of a gold payment clause in contracts. It required all privately owned stores of gold to be turned in and repaid in paper money. The New Deal reduced the amount of gold behind the dollar as a means for a further reduction in dependence on the gold standard. After experimenting with pushing the price of gold up by buying it in the open market, Roosevelt and his advisors fixed the price at $35 an ounce in January 1934,
inflated the dollar by about 40 percent. The inflation of the dollar allowed businesses to be more aggressive and to stabilize in the midst of the financial landslide.

Besides from boosting the economy through false currency inflation, the New Deal also protected business by helping the unemployed workers. The Great Depression
was partially brought on because businesses essentially reduced the spending power of the workforce, which made the products workers helped to produce unavailable to them. Roosevelt's New Deal helped employ millions of Americans by creating relief agencies such as the Civilian...

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