what was hire and purchase system in usa
Hire purchase A hire purchase (HP)[1] or known as installment plan in the United States is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.
National Industrial Recovery Act of 1933 The National Industrial Recovery Act of 1933 (NIRA) was a US labor law and consumer law passed by the US Congress to authorize the President to regulate industry for fair wages and prices that would stimulate economic recovery.[1] It also established a national public works program known as the Public Works Administration (PWA, not to be confused with the WPA of 1935).[2] The National Recovery Administration (NRA) portion was widely hailed in 1933, but by 1934 business' opinion of the act had soured.[3] By March 1934 the "NRA was engaged chiefly in drawing up these industrial codes for all industries to adopt."[4] However, the NIRA was declared unconstitutional by the Supreme Court in 1935 and not replaced.[3][5][6]