Salient to Investors:

Philip Scranton at Rutgers University writes:

  • As in earlier economic recoveries, in 1933 US production began increasing more quickly than workers could find jobs – manufacturers commonly extended employees’ weekly hours instead of rehiring.
  • To generate employment and wages gains much faster in the initial stages of the recovery than output and prices. the National Recovery Administration used mass marketing, by appealing directly to the more than 12,000 communities in the US to form committees to fight the Great Depression. And it invited industrial groups to draft codes of fair competition that followed the NIRA’s requirements for maximum hours and minimum wages.

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