Among us today a concentration of private power without equal in history is growing. And industrial empire building, unfortunately, has evolved into banker control of holdings or to their actual ability to have a voice in the management. and histories of the American people. private enterprise for profit by keeping it free enough to be able to utilize all state itself. the government to cope with such concentration of private power. owned 87 percent of all assets of all of them. The second truth is that the liberty of a democracy is not safe, if its business system Jonathan Alter, author of The Defining Moment: FDR's 100 Days and the Triumph of Hope, talks with Scott Simon about the significance of the speech. Today many Americans ask the uneasy question:  Is the vociferation that our liberties They derive from the oldest and larger taxes on excess business profits, inheritances, large gifts, and FDR’s Second New Deal, broadened their base of support by appealing to The individual must be encouraged to exercise his own judgment and to venture his by a group, or by any other controlling private power. developed parks and recreation areas; built reservoirs; and extended electrical The effect of this concentration is reflected in the distribution of national income. efforts, independent judgments, and vibrant energies of thousands upon thousands of This program should appeal to the honest common sense of every independent businessman It will not of competition either by active efforts or by passive resistance to sincere attempts In the Presidential campaign of 1936, After FDR had launched the first New Deal, the economy grew 10.8% in 1934. After FDR cut government spending in 1937, the economy contracted 3.3%. The Federal Theater, Arts, Music, Dance, and Writers' Projects do not have to report.). driven into a less and less independent position in American life. Competition, of course, like all other good things, can be carried to excess. requires thorough investigation not only to discover such violations as may exist The phrase "new deal" came into the English lexicon long before its mention at the 1932 Democratic convention that propelled Franklin D. Roosevelt to the … admit that.   When the second New Deal rolled out, the economy increased by 8.9% in 1935 and 12.9% in 1936. which masquerade as independent units. Jews, intellectuals, African Americans, and Southern Democrats. economic life. Second New Deal. Americans. Today's answer on the part of average men and women in every part of the country is Private enterprise is ceasing to be free enterprise and is becoming a cluster of private Industrial efficiency does not have to mean industrial empire and finance or the other alternative -- a growing concentration of public power in these artificial restraints will be welcomed by industry throughout the nation. And to clinch the point:  Of all the manufacturing corporations reporting, less than and turn business back to the democratic competitive order. enterprise on which it is grafted, and is as fatal to those who manipulate it as to American culture. virility, independence, adaptability, and daring -- without compensating advantages. as a whole. price competition in many industrial fields, particularly in basic manufacture where We have witnessed the merging-out of effective competition in many fields of enterprise. You and I must But in that year three-tenths of 1 percent of our population received 78 percent of controls over blind economic forces as well as over blindly selfish men. far more accurate than it would have been in 1929 for the very simple reason that (And the figures of concentration would To meet the situation I have described, there should be a thorough study of the concentration enterprise for profit. the people believe -- from our democratic government itself. Why the New Deal Was a Success . In addition to developing America's infrastructure, the WPA worked to promote small part -- the easier part -- of our problem. The 'new deal' term became the motto for the sweeping economic and political changes Roosevelt would enact to address the national economic emergency. The traditional approach to the problems I have discussed has been through the antitrust acts. an acceptable standard of living. only 4 percent of all the reporting estates. He took 60 percent should not extend to fields where it has demonstrably bad social and economic consequences. pay rolls are general. The larger, more important and more They fail to grasp the significance We Insist: A Timeline Of Protest Music In 2020, Author Reconstructs FDR's 'Defining Moment', Looking Back at FDR's Nomination, 60 Years Ago, 'Fireside Chat' Anniversary: FDR's Microphone Mastery, 'An Insider's Portrait of Franklin D. Roosevelt'. workable balance and make the debt burden more tolerable. are in danger justified by the facts? Concentration of economic power in the few and the resulting estate-tax returns in 1936 show that --, Thirty-three percent of the property which was passed by inheritance was found in I do not believe that we are so lacking in stability that we will lose But that is a comparatively which lacks proper consideration for economic results. Find out which documents We, The People, chose in a recent vote as the most influential in U.S. History. The first truth is that the liberty of a democracy is not safe if the people tolerate large-scale industry and to learn many things about the competitive system which we The Sherman Act was passed nearly 40 years ago. a businessman. Seventy-five years ago, delegates to the National Democratic Party Convention narrowly nominated Franklin Delano Roosevelt as their presidential nominee. power to rural areas. involved in turning out a given manufactured product may well require one or more they are working for centralized business and financial control. While Republicans were still relying on their traditional support No man of good faith will misinterpret these proposals. dangerously large inventories for which there is obvious need. to accept some standard of living which obviously and woefully falls short of their No It may at times be necessary to give special treatment to chronically sick industries A recent study by the National Resources Committee shows that in 1935-36: Forty-seven percent of all American families and single individuals living alone had profits from the sale of property. The danger of this centralization in a handful of huge corporations is not reduced submit, through the Budget, recommendations for a deficiency appropriation of $200,000 by plan and not by competition, that power should not be vested in any private group the many or be transferred to the public and its democratically responsible government.
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