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

In: THE GREAT DEPRESSION Its Origins in Acceleration and Electric Unit Drive

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  • Bernard C. Beaudreau

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

Suggested Citation

  • Bernard C. Beaudreau, 2023. "The National Industrial Recovery Act: FDR’S Bold Attempt at Closing the Gap," World Scientific Book Chapters, in: THE GREAT DEPRESSION Its Origins in Acceleration and Electric Unit Drive, chapter 8, pages 173-222, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811264283_0008
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    More about this item

    Keywords

    Great Depression; Electric Unit Drive; Acceleration; Failed Transition; Stock Market Boom and Crash; Smoot-Hawley Tariff Act; National Industrial Recovery Act;
    All these keywords.

    JEL classification:

    • N - Economic History
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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