Friday, May 29, 2015

Friday 29th May 2015

I have liked the lesson of Social Sciences today. We have continued with  the relief to farmers and workers. We have finished that and we started with the Social legislation(we have written four points of this) and the economic legislation(the banking reform and the creation of the SEC) Paqui has explained us the process to improve the production:

More workers ->more demand -> more consumption -> more production

But economy didn`t recovery completely until the World War II.
Also in class we have talked about politics. Last Sunday were the municipals elections, and my mother was in the list of UPyD, so we have talked about that and the deciosion of UPyD about the party they are going to support to form the town. I like politics so I have paid attention.
But today we have copied few words on the glossary:

-Subsidy: Subsidio
-Food stamps: Cupones de comida
-Mortage: Hipoteca
                                                     Image of google images

Thursday, May 28, 2015

Thursday, 28th June, 2015

Hello everybody!! I'm Azahara and this is my last journal.

Our social sciences lesson has been interesting in my opinion. Today, Paqui has explained us the reactions of the "Great Depression". First of all, she has written something on the blackboard, and after we have copied it, she has explained us that president Hoover didn't do so much to end with the Depression. His administration, which lasted 3 years (1929-1932), started without any intervention of the State in economy. At the beginning nothing was done following economic liberalism orthodoxy. Later, a deflationist policy and protectionism started. People continued keeping low prices in order to recover consumption and the US increased tariffs. As a result of these things, the "Great Depression" became more serious. Not only didn't president Hoover do anything, but he damaged more the situation.

Resultado de imagen de president hoover cartoon

After that, elections were called and F.D, Roosevelt won them and launched an economic program based on John Maynard Keynes ideas. This was called the NEW DEAL.

Resultado de imagen de John Maynard Keynes

John Maynard Keynes (British economist)

Some of Keynes solutions were that the State had to intervene in economy and increase public expenses, investment in public works and stimulation of production and consumption and reduction of stocks.

Roosevelt's government launched emergency laws to reactivate economy: relief decisions, economic legislation and social legislation. All these decisions were known as the "three R program: Reform, Relief, Recovery".

       Resultado de imagen de roosevelt's new deal                            Resultado de imagen de roosvelt to hoover cartoon

After explaining that, Paqui has told us to complete the decisions of all these, which were: 

Economic legislation:
  1. Subsidies for farmers to destroy their stocks and recover prices.
  2. Minimum prices, in order to fight deflation.
  3. Creation of the Public Works Administration, to build bif infrasturctures with public money and create job.
Social legislation:
  1. Social security Act: pensions for retired workers, orphans and disabled. Here Paqui has told us one curiosity. After WW2, the State kept women working in factories and offered money to study to those veterans who came back from war, only if they wanted to. This was a way of preventing unemployment, because many war veterans were coming back and this could create a new crisis.
  2. National Labour Relations Act.
  3. National minimum salary.
  4. Child labour was abolished.

Financial legislation;
  1. Banking reform, in order to avoid another bankrupt and government help in exchange for cheap credits to recover investment. 
  2. Creation of the SEC, to supervise the Stock Exchange Market and protect investors. Paqui has told us that in the 2008 crisis as there wasn't credit, the SEC recommended the government to help the banks with $700.000 millions to recover, and when they recovered they gave the money back to the government.
Resultado de imagen de securities and exchange commission

These decisions reduced unemployment and production recovered. The results were positive, although the Supreme Court of Justice declared some of the NEW DEAL decisions unconstitutional. The court argued that the Federal Government had imposed these decisions over the states.
Resultado de imagen de supreme court of justice and new deal don quixote cartoon

To sum up, some of the new words we have copied in our glossary:
  • New Deal: nuevo trato, nuevo Reparto.
  • To deepen: profundizar.
  • Relief: alivio.
  • To hamper: obstaculizar.
  • Public expenditure: gasto público.