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Causes of the Depression

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Causes of the Depression BLACK TUESDAY start of GREAT Depression Happened because of little Govt. regulation Laissez Faire Economics HIGH TARIFFS Foreign ... – PowerPoint PPT presentation

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Title: Causes of the Depression


1
Causes of the Depression
2
  • BLACK TUESDAY start of GREAT Depression
  • Happened because of little Govt. regulation
    Laissez Faire Economics
  • HIGH TARIFFS Foreign made products entering the
    USA cost more, so that AMERICANS would buy USA
    products only.
  • Backfired Foreigners in retaliation did not buy
    our products put TARIFFS on USA GOODS.

Hawley-Smoot TARIFF
3
Causes
Many cause contributed to making the Great
Depression as severe as it was
  • Farm Depression of the 1920s
  • Prices of farm products felled about 40 in
    1920-1921 and they remained low through the 1920s
  • As results some farmers lost so much money they
    couldnt pay the mortgage on their farm
  • The Stock Market Crash
  • Stock values dropped rapidly on Oct. 24,1929 now
    known as Black Thursday
  • On Tuesday stock holders panicked and sold a
    record 16.410,030 shares of stocks
  • Thousands people lost huge sums of money as stock
    values fell far blow the prices paid for
  • Uneven Distribution of Income
  • Industrial productions increased about 50 but
    the wages of the industrial workers rose far more
    slowly
  • As results these workers couldnt buy goods so
    fast as industry produced them

4
Banks lost money on their investments, and
investors defaulted on loans. Because the
government did not insure bank deposits customers
lost their money if/when a bank closed. Bank RUNS
resulted as many bank customers withdrew their
money at the same time, causing the bank to
collapse and close for business.
5
Decline in agricultural prices
Causes of the
in the USA
6
2-27-13
  • List and explain your 7 principles of govt.

7
Causes of the Depression
8
The Depression Starts
9
Hoover's Policies
President Hoover believed that business if left
alone to operate without government supervision
would correct the economic conditions! Congress
approved Hoovers most successful anti-depression
measure Reconstruction Finance Corporation This
government agency provided some relief by lending
money to banks, railroads, and other large
organization whose failure would have made
depression even worse
10
Question How many people were unemployed in
1925? In 1929? In 1932?
11
  • Hoover did increase PUBLIC WORKS
    government-financed building projects to replace
    construction jobs that had been stopped.
  • At the same time, Hoover refused to increase
    government spending or taxes.
  • He feared deficit spending would actually delay
    an economic recovery.

12
Unemployed workers often stood in BREAD LINES to
receive free food or at SOUP KITCHENS where
private charities gave a free meal to the
poor. Many of the homeless built shacks in
SHANTYTOWNS, which they called HOOVERVILLES,
because they blamed the President for their
troubles. HOBOS, or homeless Americans who
wandered around hitching rides on railroad cars,
searched for a better life and WORK.
13
  • Homeless Americans blamed President Hoover for
    their predicament.
  • Many homeless people wrapped themselves in used
    newspapers they called HOOVER BLANKETS to keep
    themselves warm. Some wore their empty pockets
    inside out and called them HOOVER FLAGS.

14
BREAD LINE
15
HoBoS
16
Soup Kitchen Line
17
GREAT DEPRESSION
2008
18
2000s
1930s
19
(No Transcript)
20
FARMERS
21
  • As crop prices dropped in the 1920s, many
    American farmers left their fields uncultivated.
  • A terrible drought in the GREAT PLAINS, beginning
    in 1932, caused the region to become known as a
    DUST BOWL.
  • That resulted in many Midwestern farmers and
    Great Plains farmers lost their farms. Many
    families moved west to CALIFORNIA hoping to find
    a better life

22
The DUSTBOWL
23
The Dust Bowl
24
(No Transcript)
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