What does NIRA mean in LAW & LEGAL
The National Industrial Recovery Act (NIRA) was an act signed into law by President Franklin D. Roosevelt in 1933 as one of the measures to address economic stagnation during the Great Depression. It sought to stimulate industry and raise employment levels by preventing competition among companies, establishing minimum pricing standards and providing for collective bargaining between employers and employees.
NIRA meaning in Law & Legal in Governmental
NIRA mostly used in an acronym Law & Legal in Category Governmental 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.
Essential Questions and Answers on National Industrial Recovery Act in "GOVERNMENTAL»LAW"
What did the NIRA seek to accomplish?
The NIRA sought to stimulate industry and raise employment levels by preventing competition among companies, establishing minimum pricing standards and providing for collective bargaining between employers and employees.
Why was the National Industrial Recovery Act established?
The National Industrial Recovery Act was established in response to the economic stagnation experienced during the Great Depression. The goal was to restore profitability in industries that had been struggling due to widespread unemployment and lack of consumer demand.
Who signed the National Industrial Recovery Act into law?
The National Industrial Recovery Act was signed into law by President Franklin D. Roosevelt in 1933.
How did businesses respond when the NIRA was introduced?
Many businesses welcomed the NIRA as it provided some much-needed relief from market competition and allowed them to maintain minimum prices throughout their operations. However, not all businesses agreed with the proposed regulations, which led to further controversy over how best to restore profitability during this period.
What were some of the results of instituting the NIRA?
Although it had both positive and negative effects, some of the most notable results included increased wages for workers in certain industries, more favorable working conditions, decreased competition in some markets, higher minimum wages across certain sectors, a shorter average work week, greater unionization of labor forces, and an overall boost in consumer spending power due to higher wages combined with lower production costs under pricing regulations set by the NIRA.
Final Words:
In summary, although it did not completely solve all economic issues at once or even necessarily bring about sustained prosperity after its enactment ended in 1935, many believe that without such a measure as the NIRA during this time of crisis there would have been far worse consequences for America's economy following the Great Depression.
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