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Essay / Impact of the New Deal - 721
Traditional capitalists who supported Hayek's economic policies began to argue that government intervention was harmful to the economy and that increasing debt did not help not the American economy. Socialists, on the other hand, criticized the New Deal and believed that it did not require sufficient government intervention in the economy and that private ownership was holding back the American economy. The New Deal can be considered non-radical in that it did not end the Great Depression. The New Deal had many accomplishments, but it “only went so far” (Source J). That being said, the New Deal was a radical decision at a time when Americans were beginning to lose confidence in their economy and their country. The New Deal saved America from extremists, and although it only moved the American economy toward socialism, it injected a radical idea into the capitalist economic system: the role of government in