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Essay / Research Paper Abstract
A 4 page research paper in which the writer argues that when there is a social crisis, the manner in which the state responds will affect whether or not real effects are generated regarding political or economic outcomes. In order to have a positive result, the state must institute commitment mechanisms that are effective and credible. The writer discusses New Deal legislation as an example of this process. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: D0_khcommec.rtf
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Unformatted sample text from the term paper:
outcomes. In order to have a positive result, the state must institute commitment mechanisms that are effective and credible. This principle can be seen in the way in which the
federal government reacted under President Franklin D. Roosevelt to the crisis of the Great Depression with the "mechanism" known as the New Deal. Historian Paul Conkin has noted that the
New Deal "solved a few problems, ameliorated a few more, obscured many and created new ones" (1967, p. 106). However, where the New Deal succeeded provides a good example of
success commitment mechanisms being instituted by the state in response to serious social problems. When Roosevelt took office, the nation was in a serious state of crisis, as the
entire economy was on the verge of collapse. By declaring a national bank holiday, Roosevelt effectively shut the door on every banking institution in the country until emergency legislation
could be formulated. The first New Deal bill submitted to Congress was the Emergency Banking Relief Act, which quickly passed both houses of Congress. This act permitted sound banks to
reopen only under licensure from the Treasury Department and gave increased powers to the Federal Reserve Board and the Reconstruction Finance Corporation to aid in stabilizing the banking system and
restore public confidence (Byrd, 1990). While this legislation was an unequivocal success, not all New Deal policies were as effective. In many cases, the commitment mechanisms of the
New Deal merely made the hard times of the Great Depression somewhat better, but did not succeed in facilitating a complete recovery. For instance, one of the most severe problems
facing the population during the Great Depression was unemployment. The government instituted numerous programs designed to reduce unemployment, demonstrating a commitment to alleviating this problem. One of principal ways that
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