Summer School 7: The Great Depression, the New Deal and how it changed our economy
Planet Money
NPR
4.6 • 29.8K Ratings
🗓️ 21 August 2024
⏱️ 39 minutes
🧾️ Download transcript
Summary
When we last left the United States of America in our economic telling of history, it was the early 1900s and the country's leaders were starting to feel like they had the economic situation all figured out. Flash forward a decade or so, and the financial picture was still looking pretty good as America emerged from the first World War.
But then, everything came crashing down with the stock market collapse of 1929. Businesses closed, banks collapsed, one in four people was unemployed, families couldn't make rent, the economy was broken. And this was happening all over the world. Today we'll look at how leaders around the globe intervened to turn the international economy around, and in the process, how the Great Depression rapidly transformed the relationship between government and business forever.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
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Transcript
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| 0:00.0 | Christian Nationalists want to turn America into a theocracy, a government under biblical rule. |
| 0:08.0 | If they gain more power, it could mean fewer rights for you. |
| 0:12.0 | I'm Heath Drusen and on the new season of Extremely American, |
| 0:16.0 | I'll take you inside the movement. |
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| 0:25.0 | This is Planet Money from NPR. |
| 0:30.0 | Welcome back everyone to Planet Money Summer School, Economic History of the World. |
| 0:35.4 | The only way to make your summer feel like it's 5,000 years long, in a good way of course. |
| 0:41.4 | We have only two episodes left before Labor Day like every history class you've ever taken. |
| 0:46.4 | We have to pick up the pace if we're going to finish. So today we tackle the big one. the moment so often referenced by Planet Money that we made a |
| 0:55.6 | jingle about it. |
| 0:57.0 | We're going back to the Great Depression. Lesson 7. The Great Depression, the New Deal, and how it changed economics. |
| 1:08.0 | I'm Robert Smith. |
| 1:10.0 | Usually transforming an economy can take decades, centuries even, but the Great Depression rapidly transformed the relationship between government and business. |
| 1:19.0 | Today we'll trace how the 1930s altered the very nature of money itself and how we went from the |
| 1:24.9 | worst moment for workers in the United States to one of the best. Joining us |
| 1:29.1 | again is our US Financial History Professor from Providence College, Sharon Murphy. |
| 1:33.4 | Hey Sharon. |
| 1:34.4 | Hey, thanks for having me back. |
| 1:36.0 | When we last left the United States of America in our economic telling of history, they were just |
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