The National Industrial Recovery Act: FDR’S Bold Attempt at Closing the Gap

Bernard C. Beaudreau

Chapter 8 in The Great Depression:Its Origins in Acceleration and Electric Unit Drive, 2023, pp 173-222 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The following sections are included:IntroductionU.S. Structural, Contractionary and Overall Output Gaps: DefinitionsPolicy OptionsThe Roosevelt Administration Opts for Government-Imposed Wage Increases and Government ExpenditureWage Developments in the 1920s and 1930sThe PlanThe Devil Was in the DetailsBrains Trust ChallengesFailure on the Code and Expenditure FrontsThe NIRA Found to be UnconstitutionalFirms React to the PRA and NIRA: The EvidenceThe NIRA and PRAThe DownturnThe Run-Up to the NIRA and PRAThe President’s Reemployment Agreement (PRA)The NIRA/PRA Period July 1933–June 1935The Aftermath: June 1935–December 1935Summary and ConclusionsAppendix: Keynes, Acceleration and the National Industrial Recovery ActAn Open Letter to President Roosevelt, by John Maynard Keynes

Keywords: Great Depression; Electric Unit Drive; Acceleration; Failed Transition; Stock Market Boom and Crash; Smoot-Hawley Tariff Act; National Industrial Recovery Act (search for similar items in EconPapers)
JEL-codes: B22 E02 N N12 N22 (search for similar items in EconPapers)
Date: 2023
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