Politicians were familiar with the boom and slump cycle within capitalist economies throughout the nineteenth and early twentieth centuries. The standard response to slumps was to let there be a correction in the economy without interference from government. Therefore, when Herbert Hoover waited for the market to correct itself after the Wall St Crash he was doing what most politicians, and certainly all Republican politicians, would have done.
However, the worldwide Depression that followed in the 1930s caused unprecedented economic hardship. In the 1932 election Roosevelt and the Democrats were given an overwhelming mandate to pursue a new type of response to solving America’s economic problems.
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