a long recovery

The Long Recovery When he accepted the Democratic Party's nomination for the presidency in 1932, Franklin Roosevelt pledged "a new deal for the American people" (Atack, 1994, p. 625). When he assumed office, the American system of democratic capitalism faced a crisis of monumental proportions. Economic distress and social unrest were widespread. In 1929, Hoover's first year as president, the prosperity of the 1920s capsized. Stock prices climbed to unprecedented heights, as investors speculated in the stock market. The …

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