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To correct what they saw as a lack of economic regulation and federal oversight, from 1933 to 1935 the New Dealers inaugurated a series of reforms of the banking and financial industries. The reforms were designed to systematize investing and banking, prevent fraud, and assure investor confidence. The New Dealers hoped these reforms would spark an investment rally, and there was a small rally, but financial regulation was not enough to reassure the market. Competition was far too fierce; returns on investment far too slim. Accordingly, the government developed the National Recovery Administration (NRA), an agency built upon the model of industrial planning pioneered during World War I. The NRA represented in many ways a break with the Brandeis style of progressivism. It permitted business, in essence, to divide markets and form large productive cartels, thwarting competition, ending surpluses, and assuring returns on investments. To...
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This section contains 193 words (approx. 1 page at 300 words per page) |
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