POLS 1113 1st EditionLecture 7Political Parties & Realignments(Continued)American RealignmentsCivil War Realignment Clearly represents a realignment on the issue of slavery In run up to the war parties were attempting tostraddle the issue Selection of Lincoln as thepresidential nominee sends signalClear cue thatthe new Republican party would be the party abolition Southern states and the civil war Northern victory established the Republican Party as the dominant party II. Turn of the Century Republicans New Deal realignment Must be understood in light of the Civil War realignment Republican PartyHegemonic for the next 40 years New issues related to abolition Reconstruction of the South Business and Laissez Faire economic policies Core issue of the Republican Party Economics Laissez Faire Economics – A policy of non- governmentalintervention in the economy No regulationof commerceYielded economic concentrationand huge trusts Standard Oil Cannery row JP Morgan in Banking The railroad monopolies Democratic Party 1. Minority party 2. Default party of the south 3. New focuson a populist agenda Anti- trust policiesSupport for labor and unionization These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.The Great Depression Speculation Speculation in commodities and stocks Individuals would borrow money and then invest in the market Stock values were increasing, but did not represent true wealth Overvalued stocks Cycle ended in the collapse of the stock market Black Tuesday, 1929 – share prices on the New York Stock Exchange completely collapsed, becoming a pivotal factor in the emergence of the Great Depression Response to the Market Collapse J.P. Morgan Attempted to intercede Cash flow to prop up the market failedEconomic Fallout Bank runs- people sought to withdraw their savings Consumer Demand collapsed – widespread unemployment results Republican Party Hoover administration continued hands off policy for the economy Effects of the Great Depression Farm foreclosure Oklahoma Dust Storms Homeless Migration Bank Runs Unemployment IV. Franklin D. RooseveltThe Problems facing FDRNo economic equilibrium With the disappearance of wealth, the supply of goods through manufacturing capacity was much greater than public demand Reinforcing Cycle Many Factories failed, which further eroded consumer demand and created a downward economic spiral FDR’s Economic PoliciesKeynesian Economic Theory- When aggregate demand becomes disconnected with aggregate supply, demand must be artificially stimulated by government spending The federal government adopted a strategy of deficit spending The New Role of The Government The New Deal Fundamental shift in the scope of governmental power Created numerous social programs that expanded the bureaucracy Success of these programs is somewhat debatable They provided immediate help WWII manufacturing spurred the recovery Democratic Party dominates Congress for another 40 years V. The Post War Presidential Elections Political advertising on TelevisionProvides a quick way to think about salient issues over time and how parties competeon these issues Focus on the following What types of issues do incumbents and challengers focus upon? What happens to the third party challengers? What type of voter do these ads appeal to? Party line voters Retrospective voters Prospective voters Single- issue