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Deconstructing the Monolith – The Microeconomics of the National Industrial Recovery Act - Chicago Scholarship Online
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Deconstructing the Monolith: The Microeconomics of the National Industrial Recovery Act

Jason E. Taylor


The National Industrial Recovery Act (NIRA) of 1933 is generally viewed as a monolithic negative supply shock that evenly affected firms across the industrial economy during the Great Depression. Under the NIRA more than 500 industry-specific codes of fair competition were implemented. These codes legally bound firms to follow strict wage and hours regulations. In addition, industry codes generally contained a plethora of cartel-oriented trade practice rules that constrained firms’ production and pricing behavior. However, the NIRA industry codes were like snowflakes in that no two were alike. ... More

Keywords: National Industrial Recovery Act, cartels, Great Depression, New Deal, wage policy

Bibliographic Information

Print publication date: 2019 Print ISBN-13: 9780226603308
Published to Chicago Scholarship Online: September 2019 DOI:10.7208/chicago/9780226603445.001.0001


Affiliations are at time of print publication.

Jason E. Taylor, author
Central Michigan University