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The New Deal's critics seized on the recession of 1937-1938 with glee, and in 1938 the New Deal was defeated at the polls, the end of a long period of political ostracism for partisans of the American System. Hoover's relative inactivity during the early Depression had discredited much of the prestige that businessmen and orthodox economic thinkers had in the mind of the public. The 1934 Pecora and Nye committee investigations of big business focused public blame for the Depression on orthodox economic thinkers and Republican businesses, such as J. P. Morgan and Company. These businessmen responded by mounting an unprecedented media campaign designed to rehabilitate the system of '96 and defeat the New Deal. By the middle of the decade such businessmen were preoccupied with rebuilding favorable public opinion toward their own version of capitalism. The National Association of Manufacturers (NAM) was determined to use...
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This section contains 227 words (approx. 1 page at 300 words per page) |
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