Franklin Delano Roosevelt's (FDR's) New Deal Explained in One Minute
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- Опубліковано 26 вер 2024
- Franklin Delano Roosevelt's New Deal is, without a doubt, one of the most representative case studies in economic history when it comes to the willingness of the state (in our case, run by FDR) to think outside the box.
Was FDR's New Deal perfect?
Most definitely not.
The New Deal had its fair share of shortcomings but on the other hand, the charismatic Franklin Delano Roosevelt managed to do a lot of things right as well.
Hindsight is always 20/20 and the New Deal doesn't represent an exception. Whenever we're talking about an economic climate as complex as the one which preceded the New Deal, there are always things we could do better if we could travel back in time. Unfortunately, we cannot.
This much is certain however: Franklin Delano's New Deal was... well, a huge deal :)
Or, to put it differently, the New Deal represents an extremely relevant case study involving the willingness of the state to adopt a hands-on approach during times of crisis.
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Please include the aspects of racial inequality in your next one. Great video.
Play at speed 0.75 - thank me later
Thank you bro
Thanks
Thank Yu Brother 💙💎👑
Legend
Nut then its not one minute lol
bro speedran the script 💀
Ooooops :(
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1:02 dude I don't even understand what your saying
"niusbfjsfs hundred dollars"
Sorry about that Ron, here it is in text form:
"FDR forced everyone to turn in their gold coins, bullion and certificates exceeding $100 at a fixed price of $20.67 per ounce "
“I don’t really know what he said at the end of that sentence I don’t think he knows either”
One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): ua-cam.com/video/io04ckq1X1M/v-deo.html
I've been on UA-cam long enough to know that videos about sensitive topics like this one will result in people telling me that I suck. For what it's worth, I do my best to be politically agnostic (not pick a side), which is always a surefire way to make sure everyone hates you. Or that one video will make those on the left think you're on the other side, that the next video might make those on the right believe you're a leftie and so on... c'est la vie :)
It would be the easiest thing in the world to brand myself as a socialist, capitalist or whatever. Then, I'd make this channel yet another "us vs. them" one and bam... building a community would be a gazillion times easier. Being the masochist that I am, however, I choose to do the exact opposite. Even if this means making my own life harder.
It's wise to pick a side. This is a hard part of life and the reason people think all kids are stupid until they figure it out. Prepare for a constant storm from all sides when you sit in the middle trying to be friends with everyone. It will all make sense some day. Good luck.
The thing is, I'm making it my life's mission to study various systems so as to *eventually* pick a side.
That's why I became an economist, to contribute and help solve the main problems of society to the best of my ability.
Until I'm ready to do that however, the only intellectually honest approach (in my opinion) is analyzing each system/ideology as objectively as I possibly can. One Minute Economics is growing nicely and thus far, I've reached a few million people through my videos (on the low side of the x,xxx,xxx spectrum) and xx,xxx folks through my books. That kind of freaks me out because it's a huge responsibility, which is why I only write books if I'm convinced I'm good enough to cover that topic.
Since I'm an economist but also an entrepreneur + investor who has been earning a living online for a long time, writing Wealth Management 2.0 (the only personal finance book written specifically for people who make money online) made perfect sense.
The same way, I'm the type of economist who likes to have all bases covered and have gone through some pretty awful personal stuff right after the Great Recession started: huge medical costs in my family, business slowing down everywhere on top of that and so on. Had I not been financially prepared, it would have ended in a disastrous manner for my family. That's why I've decided to turn my knowledge and personal experience into The Age of Anomaly.
When it comes to picking a side and choosing an ideology however, I feel I'm nowhere near ready.
I could make my life a lot easier by simply seeing which ideology is popular (as a marketer would say, picking a niche with momentum) and going with the flow (like many, MANY others do) but that's just not why I became an economist.
The best and I believe only thing I can do is be honest with people and tell them that at this point, I just don't know. That at this point, I don't consider myself good enough to make that decision and (especially) propagate it through my platform. I'm working on it, it's my #1 mission in life but I'm not quite there yet :)
The New Deal was a series of programs and policies implemented by President Franklin D. Roosevelt to address the Great Depression, focusing on relief, recovery, and reform.
Key moments:
00:00 The video discusses the use of bio-oil in various programs and policies, highlighting its benefits and impact on social development and economic systems.
-Bio-oil's role in social housing and economic development is emphasized, showcasing its potential in creating sustainable solutions.
-The video touches on the importance of bio-oil in financial systems and social security, indicating its significance in providing safety nets and stability
This helps so much, you get right to the point but still go over whats important thanks :)
Appreciate the kind words!
I disagree with your conclusion on this one Andrei, but I applaud your videos! Great job!! Phil
Wrong, I’ll explain why. It’s ridiculous to say the jobs were temporary. I don’t know if this guy just made that up.
The new deal lasted from 1930 till 1980 produced the highest wealth ever experienced for the poor and middle in all of American history. Not only that, even though taxes were very high (the nominal tax rate, look it up) on the very rich it was very high, it produced the the largest growth in terms of industry, business productivity, etc. FDR also introduced the Glass Stegall Act which disallowed banks and finance from leveraging peoples investments to ridiculous levels and then blowing up the economy.
Everything you enjoy today was produced by the left, specifically the new deal by FDR. Republicans/conservatives and conservative economists did not approve of any of these changes.
Pre-1930 there was no Social Security, no Medicare/Medicaid, no unemployment insurance, no disability insurance, FDR legalized unions, he introduced public universities (look up the G.I. Bill). Income inequality was massively reduced (look up the gilded age of free market capitalism). FDR‘s new deal. Prior to the new deal there were no minimum wage laws. In 1938, the Fair Labor Standards Act established. FDR made it legal to create unions. “By 1937, to the dismay of most corporate leaders, some 8 million workers had joined unions and were loudly demanding their rights.”
FDR implemented antitrust laws specifically anti-monopoly laws in order to make it illegal for a handful of rich people to own the media, corporations, etc.
The new deal also spread to Canada. My father immigrated here in the late 1950s he had a simple job at lumber Mill unionized and he was making about $10,000 per year in 1970 in today’s dollars that’s about $80,000 per year plus you could buy a house from anywhere from $5000-$40,000 in 1970 in Vancouver. I remember when we went to Greece in 1974 for vacation. He asked for extra paid vacation time and they gave him eight weeks paid vacation instead of 4 to 6 weeks pay vacation.
This all was sabotaged around 1980. So what happened around 1980? Conservative neoliberalism was implemented by Ronald Reagan and Margaret Thatcher with the help of the conservative economist Milton Friedman, who despised everything above.
The Glass Stegall act was ignored due to Republicans and conservatives promoting deregulation and the evils of big government propaganda. Monopoly laws were ignored.
This gave way to the 2008 global financial crash. Ever since 1980 and liberalism was introduced we just have been stagnant for the poor and middle class for over 43 years. On the other hand, the very rich have increased their wealth from $8 trillion-$55 trillion
The very rich accuse the left of wanting a wealth transfer, what they don’t tell you is that there has already been a wealth transfer from the poor in middle class to the very rich. You’ve been ripped off. If you don’t want be ripped off, vote, progressive not conservative. Read about The New Deal.
Michael Pantazis
"We are from the government and we are here to help"
What's going on, you turn into a robot? (almost sounds like a robo-voice)
Where did the money come from for the new deal? Where did he borrow the money from or who did he borrow the money from? the federal reserve how did he expect to pay it back?
0:56 isn't that just straight theft? If I was alive and had gold back then you'd best believe there would've been a tragic accident involving a huge lake and my gold stash
You have very valid reasons to call it that, although perhaps "robbery" would be a better fit, since nobody sneaked into people's homes so as to steal their gold. Instead, they were "convinced" to hand it over... or else
I honestly don't know why the government didn't just pay the people what their gold was actually worth. Isn't gold far more valuable than paper money?
@@Bullboy_AdventuresThe guy served 4 terms and managed to halt and then prolong the recovery from the Great Depression while expanding the size of the Federal Government by a factor of 10. Why does it surprise you that he started off by taking people’s money? He was an objectively awful President economically, but he has a great legacy because of his rhetoric.
@@RaymondTusk74 objectively awful president but a great legacy cause of rhetoric? You're making it seem fdr was just a Democrat version of donald trump
@@Bullboy_AdventuresNot sure how you got it 100% backwards, but if anything he’d be the exact opposite of Donald Trump, whose policies worked but he had terrible rhetoric that made everyone hate him. FDR was very popular but his policies didn’t work and he was very authoritarian.
How do they still make these videos using Vyond
I did not understand a THING you said, no offence
Sorry about that, it's become a bit of a meme around here that for some of my videos, UA-cam's playback speed reduction feature is a blessing :)
The government "courageously try stuff"? Wow, it's so courageous to try stuff when someone else is footing the bill (the taxpayer). FDR literally paid farmers to NOT produce as much food to artificially keep food prices high.
How it gave people employment leading to people having money to spend and put back into the economy the new deal did not work as fast as war time production dose to help the economy but if given more time the new deal would have slowly revived the American economy so it was a success not perfect by any means but definitely a success
It's so surreal reading this comment from a year ago. Clueless of what's to come and the millions in loss we will have due to the pandemic to keep prices high. Thousands of pounds of food destroyed and gallons of milk poured.
Lookup the Rural Electrification Administration set up by FDR and see how private electricity supplying firms treated the then farmers of America, then see how the Rural Electrification Administration helped the farmers of America develop their capabilities through cheaper electricity then maybe you'll realise that wise tax investment can mean more money in the pockets of taxpayers in the long run. Many of his other 'alphabet soup' administrations achieved goals similar to that of the REA.
second , Yooo My friend it’s been long time
bro speaks so fast my brain cant even take in what is being said 😭ik u tryna give a summary of it but u can go slower, try 2-3 min long videos instead and give more information/background and go into detail about things
The New Deal AKA "How to extend an economic depression"
How it gave people employment leading to people having money to spend and put back into the economy the new deal did not work as fast as war time production dose to help the economy but if given more time the new deal would have slowly revived the American economy so it was a success not perfect by any means but definitely a success
@@vicinte did Sebastian delete his account or something?
@@lubu523 guess so
1933 gold confiscation
in one minute . yeah right and pigs fly
Sorry for going over-board speed-wise :(
Dude you need to take a breath
Heh, I do get carried away sometimes :)
Flowed by THE LBJ GREAT SOCIETY 😆 So what got better ? Not much
👎
Hi Ricardo, what didn't you like about the video?
China’s doing a better job than USA 😆
In some cases yes, in others not even close. Depends on the metric :)
What is this a budding communist's channel? Unsubbed.
Ryan Saunders because hearing different ideas hurts. **sarcasm**
@@RuthCuadrado communism and thievery isn't a new idea.
@@scientia.veritas people taking a 3rd person stance to comment as to not directly engage is cowardice and always has been. Being prejudice and taking a negative stance thinking I'm taking a "world view" because people you know or how you look at things is typical of a negative blind person. Just because I'm pointing out the fact that FDR is a commie and this channel is highlighting his "achievements" doesn't make me butt hurt. Moving on.
@@thebitcoingarden capitalist spy >:0
@@thebitcoingarden The fact you're calling FDR a commie just proves you're an ignorant that doesn't know at all what communism is. Neocons and boomers never fail to surprise me with their shit arguments.
His policy made it worse. His policies had them actually paying farmers to burn crops in order to raise prices and wages. His project displaced many private industry jobs that were more productive. Also the nira was declared unconstitutional and they basicly ignored the ruling. Every good economist will tell you the new deal was a horrible idea that just created monopolies.
Thank You ! I'm studying for my American Gov CLEP Exam! I appreciate your videos
Hope you do well! :)
The new deal destroyed our country
Why do you believe it did so?
@@OneMinuteEconomics it incorporated a welfare state that gave too much power to the federal government. It incentivised single motherhood nation wide which led to fatherless homes. This has led to MASSIVE problems in society that we are paying a huge price for. You should look at the comparisons of child success/failure rates in the US based on weather or not they had fathers in the home. The results are staggering. Plus its just more handouts that never end. Were not a communist country and never should be