Keynesian economics (pronounced /ˈkeɪnziən/, "kane-zeean"), is an economic theory based on the ideas of twentieth-century British economist John Maynard Keynes. This theory became popular in the United States during President Franklin Delano Roosevelt under his New Deal programs that were aimed at helping the nation recover from the Great Depression (1929-1936.) The state, according to Keynesian economics, can help maintain economic growth and stability in a mixed economy, in which both the public and private sectors play important roles. In the United States, this theory became popular during President Franklin Delano Roosevelt's New Deal regform programs that required vast government spending in order to restore the economy and help the nation recover from the Great Depression (1929-1936.)
Consider what you have learned about the New Deal as well as the positive and negative aspects of government spending to relieve poverty and social programs. Then read the following article:
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/02/01/8398768/index.htm
Respond to the author's question "Is it Time for a New New Deal"? Be sure to support your position with facts from class and the article itself.
Your response should be 200 words and must include a response to another post.
CREATIVE ASSESSMENT OPTION
If you prefer, you may create a poster or power point on the New Deal instead. Your poster or power point must include ALL of the following:
a) a 150 word summary (in your own words, of course) of the New Deal program and how it relates to modern US society.
b) Written analysis and inclusion of TWO primary sources (photos, political cartoons, quotes, etc.) related to the topic. Include at least one visual source. (at least 50 words more of your own analysis, for a total of at least 200 words.)
c) an MLA works cited list of works beyond class materials that helped you create this project.
DUE MONDAY 5/12 AT THE BEGINING OF CLASS
Remember to do something nice for your mom or someone who is like a mom to you on Sunday, which is Mother's Day!
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9 comments:
Hello everyone! Well is our country in need of a new deal?! IS IT?!!!!! Well sort of! Based on the article provided for us, i feel that we should have a new deal to help reform our economy. Not necessarily doing drastic changes, however to make revision that can support our modern economy. Since the new deal was made to help our economy in the 30's, we need to supply our economy and national budget on a new set of guildlines to make sure our country stays normal and on a steady basis. If we have changes of social spending causes us to have the depression, the new deal will help us fix a lot of problems with our current economy. Doing such will repair some economic damage such as debt and other issues. SOOOO, as a result we can write another "new Deal" but making revisions to sort-of refresh our economic policy.
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Larry Williams
Block A
5/8/08
Roosevelt's New Deal was very useful during the Great Depression. There wasnt much help in that time so any help at all by the government would of been great for the people of the United States."Americans are prosperous, but worried - about jobs, health care, retirement. Now some in Washington are asking if life really needs to be this risky". In, CNN's Is It time for a New Deal? it explains that now at the rate we are going some anyalist say that maybe more new deals need to be made. In my opinion, are economy is struggling and maybe we do need to make new laws to determine how much we are a country are spending. In one of the political cartoons "on the fire". It made fun of the fact that Roosevelt was tying to chan ge the counrty by making national economic adjustments, increasing prices and making better banking systems. These aspects that were on his "menu" at "Cafe Roosevelt" explained that soon everyone thought that the New Deal was going to save the economy.
In conclusion, I believe that the Roosevelt's New Deal played a huge role in the adjustment of the American society and because of him and his idea he ultimatly sought out to make sure that the people faced with poverty and the workers who are now job less were cared for.
HEY LARRY GOOD POINT!
LOL LMAO ROFL ROFFFLLLLL JK JK
SERIOUSLY
GOOD WRITING!
=D
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Is our country in a depression and if so do we need to make a new deal like FDR did during the great depression. I think that as of right now we do need make some changes not as much as FDR's new plan. We are not at the point were we are in a depression. One thing that may make our ecomey better is if the price of oil would lower because it drives the prices of many goods up because of the need to transport goods to store, stands, etc. One thing that is also killing the ecmony is that American based companies shiping their jobs to other countries for less pay which means that many Americans have lost their jobs due this. Remeber that some of the plans of the New Deal worked while others bombed. Our country is not in a deperssion yet but it would't hurt if the governmnet came up with ideas to help the ecomney.
Teresa Konopka
AP US
Extra Credit
Extended Paragraph:
The article “Is it time for a new New Deal” by Pat Regnier was very insightful. It discussed modern economics, while relating back subtly to Franklin Delano Roosevelt’s New Deal. Basically, now the economy is not in the best shape. While there is definitely not a major depression doing on, a mild recession is hanging at America’s coattails. In the past, Franklin Delano Roosevelt implemented Keynesian economics. In other words, he promoted large government spending [including public and private sectors] in a desperate attempt to save the economy. According to this fiscal theory, such spending would restore the economy, encourage spending, and ultimately end in national recovery. While this does sound like a copasetic way to restore the economy, it is by no means an overnight process. During Franklin Delano Roosevelt's presidency and now during Bush’s presidency, there is still unhappiness, unemployment, high tuition rates, non-universal healthcare, and other fiscal plagues. There is the positive side of it, where money is recirculated into the economy and businesses start to sell goods yet again. On the other hand, not every single American complied with Keynesian economics. Likewise, not every American will comply with it in present day 2008. There are still those in the nation that will keep their money out of banks and businesses; they instead feel more secure placing money in envelopes under mattresses. Hopefully, this won’t have the same repercussions as barons had during the time of the gold standard (gold hoarding).
Word Count: 248
Response:
Mike’s blog is very interesting. The fact about businesses outsourcing definitely makes sense. After all, the economy can’t restore itself quickly if it is draining its business overseas.
The article from the CNN Money web site titled “Is it time for a new New Deal” by Pat Regnier not only made good points about a Roosevelt's New Deal but it also gave good reasons why me made need one in today's economy.The New Deal was the title that President Franklin D. Roosevelt gave to a sequence of programs and promises he initiated between 1933 and 1938 with the goal of giving relief to the needy, reform of the financial system, and recovery of the economy of the United States during the Great Depression. Considering the fact that our economy isn't at its best a New Deal would probably be very helpful. A New Deal could lead to a positive change in the United States considering the fact the millions of dollars are being spent on the ongoing war in Iraq and the value of the U.S. dollar is not as valuable as before. Also the fact that The U.S. is probably heading for a recession and the average family income being not reliable. In response to Mike's post I agree with his statement about American based companies and businesses hurting our economy.
Christopher Morawed
The new deal had a great impact during the great depression era. Due to the economic crash after the roaring twenties, many were scared to use any money at all. Instead of spending money to regulate the system, everyone was saving each penny earned. The banks had lost millions of dollars of people’s money and millions are a lot now, think of what it must have been worth back then. Banks were failing so Americans were not putting money into banks. Eventually work was scarce and many were starving! The new deal proposed an amazing point in a time where nothing was going right. I agree with Larry’s statement that at this time anything proposed by the government was a good idea. The new deal helped home owners keep their property theirs unlike while in the great depression farmers lost their farms and farming equipment because of debts. Something similar to the new deal should be applied here in modern times like Wayne said to keep America on track. I believe that since the raised gas prices have gotten so bad, pay checks should increase as well to help the American afford it.
The main thing is to decrease the dependence on foreign oil and the economy would be much better because prices of everything will go back to normal: supply and demand. We need to change the way the economy runs like cars (ethanol and public transportation). The nation runs on crude oil controlled by those who raise the prices every week so if we find another source of oil or another source of energy the demand will decrease so the supply goes up and prices go down. But what about problems like inflation and unemployment? That’s all that is needed because companies are losing money because the oil is killing the stock market so they have to lay people off in order not to go bankrupt….they don’t have to worry about paying the salaries of employees so they can afford the product ….which is the reason for so many layoffs.
Ultimately, it will act as a economic stimulator…if the government can find this alternate energy source, there will be no thoughts of a depression… because the demand on oil would no long exist. Since it is no longer a necessity… the demand for oil is not as large….the price will go down… the supplying of the oil will increase because of the decreased prices.
The New deal was implemented because the economy at the time was not stagnant… but basically non-existent… so to start up the economy Roosevelt created these recovery projects….such as the NRA (National Recovery Administration), The NRA allowed industries to create "codes of fair competition," which were intended to reduce "destructive competition" and to help workers by setting minimum wages and maximum weekly hours. It also allowed industry heads to collectively set minimum prices. The U.S. could use programs such as the CCC which employed young men on projects of federal lands and paid the family’s monthly sums or the PWA which employed thousands of people. In agreement with Chris, the new deal helped home owners keep their property theirs unlike while in the great depression farmers lost their farms and farming equipment because of debts. If there was a way to find jobs for these people being unemployed, that’s where the creation of programs similar to those created in the New Deal would come in handy, but again this won’t be needed if the U.S. discovers an alternated energy source that can help decrease the demand of oil.
It's time that we have a new deal for the economy today. Although, we are not in a depression right now, our economy is suffering somewhat, with the price of gas and flour rising. I agree with Wayne, when he says since the New Deal helped our economy in the 1930's, why can't a new one help us today?
I dont think our country is in a depression, but there is potential for one soon, if things arent fixed. The value of a dollar is decreasing, where only a few years ago it was at the top. Some aspects of the New Deal are still in use today, and should something happen with our economy, so all this is really needed is some minor tweaks and adjustments to the old deal, to make a new one for todays economy.
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