New Deal

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The New Deal was a series of economic, social, and political reforms in response to the Great Depression in the United States under the first and second administrations of President Franklin D. Roosevelt. Following a demand-side economic theory, Roosevelt sought to utilize the authority of the federal government to increase spending and introduce programs to spur growth and combat issues specific to the depression, such as unemployment, labor relations, financial reform, and social welfare. Roosevelt introduced the phrase when accepting the Democratic Party presidential nomination in the 1932 United States presidential election, winning in a landslide over incumbent Herbert Hoover, whose administration was widely viewed as ineffective. Roosevelt attributed the Depression to inherent market instability and inadequate aggregate demand (based on the Keynesian economic model), and argued that stabilizing and rationalizing the economy required massive government intervention. During Roosevelt...

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