
Contents
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Prosperity and Poverty in the Twenties Prosperity and Poverty in the Twenties
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Real Unemployment in the Jazz Age Real Unemployment in the Jazz Age
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The Crash and the Depression: No Incomes, No Homes The Crash and the Depression: No Incomes, No Homes
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Mellon and Hoover: Hard and Soft Laissez-Faire for the Working Class Mellon and Hoover: Hard and Soft Laissez-Faire for the Working Class
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The Poor and Unemployed (1929–1932): Protests and Government Assistance The Poor and Unemployed (1929–1932): Protests and Government Assistance
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FDR FDR
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New Deal Recovery Policy: The First R New Deal Recovery Policy: The First R
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The Second R: Boosting Spending Power and Promoting Economic Security The Second R: Boosting Spending Power and Promoting Economic Security
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The Third R and the Big Job Programs The Third R and the Big Job Programs
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The Civilian Conservation Corps (CCC) The Civilian Conservation Corps (CCC)
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The Public Works Administration (PWA) The Public Works Administration (PWA)
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FERA and the CWA (1933–1935): Federal Welfare and Direct Job Creation FERA and the CWA (1933–1935): Federal Welfare and Direct Job Creation
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The WPA The WPA
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Were American Ideas and Institutions Too Backward to Meet the Unemployment Crisis? Were American Ideas and Institutions Too Backward to Meet the Unemployment Crisis?
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American Values and Policy: What Changed? American Values and Policy: What Changed?
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Unemployment Lessons from the 1920s and ’30s Unemployment Lessons from the 1920s and ’30s
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2 The Twenties and the Thirties: Boom, Bust, and New Deal
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Published:May 2020
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Abstract
Between 1921 and 1929, there were no depressions, but prosperity was accompanied by substantial unemployment, especially for farm laborers and blue-collar workers. Unions were weak and business influence strong. Income inequalities widened. The late ’20s saw an explosive combination: unregulated stock markets and mass underconsumption. The ’20s boom led to the Great Depression. Herbert Hoover’s neo-laissez-faire response failed, but it cleared the decks. President Franklin Roosevelt and other New Dealers acted to expand government functions to aid those in distress and to jump-start economic growth. The CCC, the CWA, the WPA, and the PWA are each evaluated for wage levels, job creation, and treatment of women and African Americans. Economic recovery added millions of jobs, but unemployment stayed high until World War II.
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