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The New Deal and the New New Deal : a Comparative Study

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Ministry of Higher Education and Scientific Research University of Oran 2 Faculty of Foreign Languages Department of English The New Deal and the New New Deal : a Comparative Study A Thesis Submitted in Fulfillment of the Requirements for the Degree of Doctorat Es-Sciences in American Civilization Submitted by Fethia BRAIK Board of Examiners President Pr. B.Belmekki Oran 2 Supervisr Pr. L. Moulfi Oran 2 Examiner Dr. G. Ouahmiche Oran 1 examiner Dr. F. Dani Oran 1 2017-2018 To my parents, husband, and my two little angels Acknowledgements A number of people had great impact on the development of this project. First and foremost, I would like to express my deep gratitude to my supervisor Professor L. Moulfi who showed great enthusiasm to supervise this research work. She impacted greatly the making of this project with her perceptive, knowledgeable, and critical eye and mind. Words prove unsatisfactory to thank enough such a great person. My appreciation is extended to the members of the committee who accepted to devote their precious time and efforts to assess this dissertation. Certainly, their expertise and academic excellence will add a lot to this modest research work. My special thanks go to Mrs M. J. Bertini, Professor Marc Martti of University of Sophia Antipolis, Nice, France. Besides, I feel fully indebted to Profeesor Christien Gutleben for the time he spent reviewing and evaluating this thesis. Likewise, I am grateful to Ms. Carla Chalhoub and Mrs Fatma Charefeddine of the Jafet Library in the American University of Beirut. I also express heartfelt thanks to many scholars who helped, encouraged, and strongly believed in me. Finally, I must acknowledge any mistakes that lingered in this dissertation. Abstract Eager to understand and to overcome the 2007 crisis, economists worldwide are struggling to provide better understanding of past panics. Researches revealed that the recent crisis and the Great Depression, the most severe ever witnessed by the United States, share some similarities. Most of the financial calamities started in the United States and spread internationally since they occurred in a world of interconnected trade. In narrative histories of US financial panics, little is found about similarities and differences of the panics. “All is forgotten until another storm comes”. Contemporary commentators and economic scholars do not seem to have the same identification of the events leading up to banking panics. The result lies in the number of panics they give when referring to US economic history. The most recent definition of banking panic is provided by Calomiris and Gorton. A banking panic may occur when depositors ask for immediate redemption for cash. My paper studies most panics, be them major or minor, from 1819 to 2007; with attributing more importance to the Great Depression of 1929 and the Great Recession of 2007 being focal points in the economic history of the country. My work is a combination of historiography, clinical survey, and analysis. It comprehends history of the panics, analysis the causes behind failures of companies and banks using a cause and effect pattern, and the statement of similarities and differences. Key words: Bank failure, Bank panic, Economic crisis, Great Depression, Great Recession, New Deal, President F.D. Roosevelt, President Obama, Stimulus Package امللخص يسعى علماء اﻻقتصاد يف مجيع أحناء العامل جاهدين لتحقيق فهم أفضل للرعب الذي حدث يف املاضي، وهم حريصون كل احلرص لفهم أزمة 7002 قصد جتاوزها. إذ كشفت اﻷحباث أن اﻷزمة اﻷخرية والكساد العظيم ، وهو أشد ما شهدته الوﻻايت املتحدة على اﻹطﻻق، يشرتكان يف بعض أوجه التشابه. حيث أن معظم الكوارث املالية بدأت يف الوﻻايت املتحدة، ومبجرد وقوعها انتشرت على املستوى الدويل يف عامل مرتابط جتاراي. ومل تذكر الدراسات التارخيية يف الرعب املايل اﻷمريكي إﻻ القليل حول أوجه التشابه واﻻختﻻف بني هذين احلدثني. "كل شيء ينسى اىل أن أتيت عاصفة أخرى". وﻻ يظهر للعيان أن احملللني املعاصرين والباحثني اﻻقتصاديني لديهم نفس التعريف لﻷحداث اليت سببت الرعب املصريف. كلما أشاروا إىل التاريخ اﻻقتصادي اﻷمريكي، حل الرعب. ويعترب كالومرييس وجورتون آخر من قدم تعريفا للرعب املصريف والذي قد حيدث عندما يطلب املودعون اسرتداد اﻷموال بصفة فورية. وعليه، فهذه الدراسة تتمحور حول حبث معظم حاﻻت الرعب، سواء كانت كبرية أو صغرية ، من 8181 إىل 7002، مع تسليط الضوء على الكساد العظيم الذي حدث يف عام 8171 والركود الكبري لعام 7002 ابعتبارمها نقطتني حموريتني يف اتريخ أمريكا اﻻقتصادي. يعد هذا العمل مزجيا من التأريخ واملسح السريري والتحليل، حماوﻻ فهم اتريخ الرعب املايل، حملﻻ اﻷسباب الكامنة وراء فشل الشركات والبنوك ابستخدام منط السبب واﻷثر ، وبيان أوجه التشابه واﻻختﻻف. الكلمات الدالة: الفشل املصريف، الرعب املصريف، اﻻزمة اﻻقتصادية، الكساد العظيم، الركود الكبري، اﻻتفاق اجلديد، الرئيس روزفلت، الرئيس اوابما، اجراءات حتفيزية Résumé Soucieux de comprendre et de surmonter la crise de 2007, les économistes du monde entier s'efforcent de mieux comprendre les paniques du passé. Les recherches ont révélé que la récente crise et la Grande Dépression, l’évènement le plus grave vécu aux États-Unis, présentent certaines similitudes. La plupart des calamités financières ont commencé aux États-Unis et se sont propagées au niveau international, dans la mesure où elles se sont produites dans un monde caractérisé par un commerce interconnecté. Dans les écrits historiques de paniques financiers aux États-Unis, on trouve peu de choses sur les similitudes et les différences entre les paniques. "Tout est oublié jusqu'à ce qu'une autre tempête arrive". Il n’est pas clair que les analystes et les chercheurs en économie contemporains aient la même définition des événements qui ont provoqué la panique bancaire. Le résultat réside dans le nombre de paniques qu’ils donnent en se référant à l’histoire économique des États-Unis. La définition la plus récente de la panique bancaire est fournie par Calomiris et Gorton. Une panique bancaire peut survenir lorsque les déposants demandent un remboursement immédiat en espèces. Alors, cette thèse étudie les paniques, qu'elles soient majeures ou mineures, de 1819 à 2007; en attribuant plus d’importance à la Grande Dépression de 1929 et à la Grande Récession de 2007, qui sont des points importants de l’histoire économique du pays. Ce travail est une combinaison d'historiographie, de sondage clinique et d'analyse. Il comprend l'historique des paniques, en analysant les causes des faillites des entreprises et des banques à l'aide d'un schéma de cause à effet, ainsi que la déclaration des similitudes et des différences. Mots clés: Échec de banque, panique bancaire, crise économique, Grande Dépression, Grande Récession, New Deal, Président F.D. Roosevelt, président Obama, plan de relance List of Abbreviations AAA : Agricultural Adjustment Act AAPA : Association Against Prohibitive Act ADC : Aid to Dependent Children AFL : American Federation of Labor CCAP : Cooperation Campaign Analysis Project CCC : Civil Conservation Corps CIO : Congress of Industrial Organisations CWA : Civil Works Administration EISB : Emigrants Industrial Savings Banking EO : Executive Order EPB : Economic Policy Board ERTA : Economic Recovery Tax Act FBI : Federal Bureau of Investigations FDIC : Federal Deposit Insurance Corporation Fed, FED : Federal Reserve FEPC : Fair Employment Practices Commission FNMA : Federal National Mortgage Association GDP : Gross Domestic Product GNP : Gross National Product HHFA : Housing and Home Financing Agency NAACP : National Association for the Advancements of Colored People NBS : National Banking System NIRA : National Industrial Recovery Act NRA : National Recovery Administration NYA : National Youth Administration OAPEC : Organization of Arab Petroleum Exporting Countries OLITC : Ohio Life Insurance and Trust Company OPEC : Organization of Petroleum Exporting Countries TARP : Troubled Assets Relief Program TVA : Tennessee Valley Authority US : United States USB : United States Bank WPA : Work Progress Administration WWI : World War I WWII : World War II List of Figures Figure 1.1: Trends in Economic Growth 1700-1850 11 Figure 2.1: Changes in GND and its components before, during, and after the 59 Great Depression Figure 3.1: Unemployment Behavior From 1948 to 1954 121 Figure 3.2: Unemployment Rate 126 Figure 3.3: Increase of Manufactured Products’ Prices 134 Figure 3.4: Federal Reserve Fund Rates: 1954-1974 138 Figure 3.5: Changes in GND and its Components before, during, and after the 139 1960-61 Recession Figure 3.6: Changes in GND and its Components before, during, and after the 142 1969-70 Recession Figure 3.7: Inflation and Unemployment Rate from 1968 to 1991 147 Figure 3.8: Short-term Interest Rate and Money Growth 1968-1991 149 Figure 3.9: Changes to Housing, Investment, Consumption, and GDP from 1978- 157 1983 Figure 3.10: Percentage Changes to GNP and its Components before, during, and 165 after the 1990-91 Recession Figure 4.1: Percentage Changes to GNP and its Components before, during, and 178 after the Great Recession Figure 4.2: Factors behind the Great Recession 186 Figure 4.3: Growing Consumption in the United States during the Boom Years 187 Figure 4.4: Nonfarm Employment during Selected Recessions 189 Figure 4.5: Obama’s Favorability Ratings, Dec. 2007-Nov. 2008 208 Figure 4.6: Disbursement of the Allocated Monies 224 List of Tables Table 1.1: Rate of Railroad Growth by Period 26 Table 1.2: Railroad Mileage Increase by Groups of States 27 Table 1.3: Ten Leading U.S. Industries by Value Added 29 Table 1.4: a Survey of America’s most Important Crises 39 Table 2. 1: Decrease of Prices 60 Table 2.2: Production Decline 61 Table 2.3: Unemployment Increase 61
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