مجلة العلوم القانونية و السياسية
Volume 16, Numéro 2, Pages 26-45
2025-09-28
Roosevelt Versus Obama: "similar" Crises, Different Policies?
Authors : Mahboub Oussama .
Abstract
The Great Depression of the 1930s and the economic crisis of the 2007-2010 shared several parallels and remarkable disparities in terms of economic performance, social outcomes and policy responses. Accordingly, the Roosevelt's New Deal and the Obama's American Recovery and Reinvestment Act (ARRA), also known as the Stimulus Plan, formed the bedrock plans of the two Democratic administrations to move the nation out of the slump. For this comparison purpose, the study reviews a host of pieces of literature based on theoretical and historical methods, statistics, and evidence-based analyses. Moreover, it deals with major relevant socio-economic theories including Liberalism, Socialism, Keynesianism, Neoliberalism and the capital-based economy “Laissez-Faire.” This qualitative-based case-study paper uses the comparative approach to trace how the regular resurgence of socio-economic downturns led to the emergence of collective frustration and skepticism over capitalism in both periods, and how the two administrations tackled this issue. The research concludes that the capitalist system stands as both an ideal whose success generates a widespread prosperity and a plight whose failure leads to untold stories of economic decline and human suffering. Therefore, behind the economic failure of capitalism lies mass dissatisfaction and public desire for effective policy responses by the Roosevelt and Obama administrations.
Keywords
ARRA ; Great Depression ; Great Recession ; Obama ; Roosevelt ; New Deal
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