What does NIRA mean in GENERAL
The National Industrial Recovery Act (NIRA) of 1933 was a U.S. labor law that sought to regulate working hours, wages and prices during the Great Depression. It created the National Recovery Administration (NRA), which aimed to use government power to create conditions for economic recovery and development. The NIRA was declared unconstitutional by the Supreme Court in 1935, but it undoubtedly had a significant impact on labor law and regulation in the United States.
NIRA meaning in General in Business
NIRA mostly used in an acronym General in Category Business that means National Industrial Recovery Act
Shorthand: NIRA,
Full Form: National Industrial Recovery Act
For more information of "National Industrial Recovery Act", see the section below.
Definition
NIRA is an acronym for the National Industrial Recovery Act, a U.S. law passed in 1933 during the Great Depression. It allowed businesses to form trade associations, agree upon minimum wage and prices, set production quotas, and limit working hours -- all with government approval. The act also gave workers collective bargaining rights and established codes of fair competition among industries.
Purpose
The purpose of the NIRA was to stimulate economic growth by encouraging competition while controlling wages and prices within specific industries, all while respecting worker rights. The act created jobs by encouraging industry-wide cooperation between employers and employees, which resulted in higher wages and better working conditions for many Americans during this difficult period in our nation’s history.
Impact
The NIRA had a significant impact on American business practices and labour law. The collective bargaining agreement it created allowed unions to be recognized for representation by employers, providing workers with greater protection from unfair or oppressive labour practices such as long hours without overtime pay or unfair dismissal without warning or cause. Additionally, it helped thousands of manufacturing companies stay afloat during the worst years of the Great Depression by establishing minimum pricing agreements that enabled them to remain competitive despite reduced demand. Finally, its provisions regarding interstate commerce helped reduce conflicts between states as they grappled with resistance from local political interests when attempting to impose their own economic policies on interstate commerce issues like transportation costs or tariffs on imported goods.
Essential Questions and Answers on National Industrial Recovery Act in "BUSINESS»GENERALBUS"
What is the National Industrial Recovery Act?
The National Industrial Recovery Act (NIRA) was an act of Congress that was signed into law in 1933 by President Franklin D. Roosevelt as part of his New Deal legislation. The goal of NIRA was to promote economic recovery through codes of fair competition, collective bargaining, and greater wages and benefits for workers.
When was the National Industrial Recovery Act passed?
The National Industrial Recovery Act (NIRA) was passed in June 1933 as part of President Franklin D. Roosevelt's New Deal package of legislation designed to address the problems created by the Great Depression.
Who signed the National Industrial Recovery Act into law?
The National Industrial Recovery Act (NIRA) was signed into law by President Franklin D. Roosevelt on June 16, 1933.
What were the goals of the National Industrial Recovery Act?
The goal of NIRA was to promote economic recovery through codes of fair competition, collective bargaining, and greater wages and benefits for workers. The act also sought to reduce competition among businesses, stabilize wages and prices, and protect consumer interests.
How did the National Industrial Recovery Act achieve its goals?
To achieve these goals, NIRA established a system whereby labor unions could negotiate collectively with employers over wages and working conditions without fear of retribution or being put out of business. It also established a set of government-regulated “codes” that outlined acceptable standards for wages, hours, production levels, pricing policies, and even working conditions in specific industries such as clothing manufacturing and mining.
How long did the National Industrial Recovery Act last?
NIRA lasted only about two years before it was declared unconstitutional by the Supreme Court in 1935 on grounds that it exceeded Congress’s powers under the Commerce Clause.
Was there anything controversial about the National Industrial Recovery Act?
Yes - some argued that it gave too much power to labor unions at the expense of businesses and limited competition between businesses which could lead to higher prices for consumers. Additionally, its provisions granting exemptions from antitrust laws raised serious concerns about possible price fixing among companies within an industry.
Final Words:
Although shortlived due to its eventual ruling unconstitutional by the Supreme Court in 1935, the National Industrial Recovery Act played an important role in providing economic stability during some of America's most tumultuous times - inspiring legislation like The Fair Labor Standards Act which provided additional protections for workers across the country until today.
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