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Abstract: The first four decades of the 20th century were of great importance in the course of American economic policy. Years of Progressivism, War Economy, Cooperative Individualism and New Deal became landmarks on the way towards social state. These modern social and economic concepts destroyed liberal grounds of American tradition of individualism, respect to private property. Federal authorities were given more power to interfere in the economic life the ever before. Income tax, Federal Reserve system, Social security system ets. Changed economic system rapidly and lead towards more interventionism and less freedom in the decades to come. The Great Depression came during presidency of Herbert Hoover whose attempts to solve this crisis are in the shadow of New Deals of Franklin Delano Roosevelt, the next president. hoover believed in individualism but not in pure laissez-faire. His interventions to the economy, however diligent and unsuccessful they were, prepared a path to Roosevelt's New Deal. Long time before the Great Depression there was strong tendency to strengthen state's power, expecially concerning the federal institutions. Franklin D. Roosevelt thus went further the same direction as his progressive or conservative predecessors. |
