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“The reforms put in place by New Deal, including encouraging the beginning of the labor movement, which fostered wage growth and sustained the purchasing power of millions of Americans, the establishment of Social Security and the federal regulations imposed on the financial industry, as imperfect as they were, essentially ensured there wouldn’t be another Great Depression after the 1930s,” says Nelson Lichtenstein, professor of history and director of the Center for the Study of Work, Labor and Democracy at the University of California, Santa Barbara.

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