The Tennessee Valley Authority
Excerpt from Scheiber, Vatter, and Faulkner's American Economic History

 

The TVA


    One of the most far-reaching, famous, and
significant acts of the Roosevelt administration
and one that affected agriculture, industry, and
other economic interests as well as public utilities,
was the Muscle-Shoals -- Tennessee Valley Development Act
(May 1933). It created a board of three members, known as
the Tennessee Valley Authority, to maintain and operate
properties owned by the government at Muscle Shoals, Alabama,
in the interest of national defense and the development of
agriculture and industry in the Tennessee Valley, to improve
navigation on the Tennessee River, and to control the
floodwaters of that river and the Mississippi. The TVA
was given wide authority to acquire real estate, build dams
and powerhouses, install hydroelectric plants, develop a
program of flood control, prevent erosion, and aid deforestation,
besides manufacturing nitrogen products for fertilizers and
explosives. Within a decade the TVA had accomplished all these
objectives. It was one of the most enduring achievements
of the new Deal. The whole project was both a masterpiece
of economic planning and a monumental experiment in the
regeneration and development of a geographic region that is
also essentially an economic unit.


 

The above paragraph is quoted from Scheiber, Vatter, and Faulkner's American Economic History.