Over the Top Summary and Analysis

The New Deal programs were very popular and attracted many people from academia. Their major task in the summer of 1933 was to negotiate the code of fair practice agreements with the various industries. As this was happening, there was an increase in factory production and then in stock prices. As the codes were written, they had to be accepted by the industry that they applied to. After the codes were in place, there were complaints about the functioning of the markets under these codes since they basically allowed price fixing. One of the problems with these codes is that they tried to apply them to too many smaller industries. By spring of 1934, they found they had to exempt the peripheral industries.

Many people considered this part of the NRA to be a failure. There were problems with...