National Industrial Recovery Act
Authorizes the President to regulate industry, set fair wages and prices to stimulate economic recovery
Real World Example
The National Industrial Recovery Act (NIRA) was a key part of President Franklin D. Roosevelt's New Deal, aimed at helping the U.S. recover from the Great Depression by regulating industry and establishing fair wages and prices. It was important because it showed the government's willingness to intervene in the economy to protect workers and stabilize businesses, which was a significant shift at the time. This act highlighted tensions between government control and free-market policies, a debate that continues today. For example, current discussions about raising the minimum wage or regulating big tech companies echo these past tensions. The ideas from the NIRA impact our daily lives by influencing policies that aim to ensure fair wages, protect jobs, and stabilize the economy, which affect how we work and what we earn.
