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America in the 1920s

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America in the 1920s Part four The Wall Street Crash and its effects The background USA in the 1920s a period of unrivalled prosperity Some did not share in it ... – PowerPoint PPT presentation

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Title: America in the 1920s


1
America in the 1920s
  • Part four
  • The Wall Street Crash and its effects

2
The background
  • USA in the 1920s a period of unrivalled
    prosperity
  • Some did not share in it immigrants etc
  • This boom was built on quicksand credit
  • Too much speculation and buying on the margin
  • The whole system was bound to crash one day

3
Causes of the depression
  • Overproduction people did not need to buy new
    things once they has them
  • As a result the prices dropped
  • By 1928 factories began to cut production and
    jobs
  • Gap between rich and poor was huge 60 earned
    less than 2000 per year the poverty line

4
Causes of the depression (2)
  • Many did not share in the prosperity farmers,
    black people, immigrants, miners
  • Tariffs helped US industry at first but made it
    hard to sell abroad once the US market was
    saturated
  • Speculation more shares being bought on credit
    price rose rapidly bound to come down equally
    rapidly

5
The cycle of depression
  • Reduced demand for consumer goods
  • Reduced production of consumer goods
  • Increased unemployment
  • Less money to spend on consumer goods
  • PANIC

6
The Wall Street Crash 1929
  • People began to sell shares price began to
    crash panic set in
  • Black Thursday 24th October 1929 13m shares
    sold prices fell
  • Following Monday panic buying broke out again
  • Tuesday 8000 million lost prices fell until
    November and then bottomed out
  • By then the damage was done

7
24th October 1929
8
Effects of the crash
  • Many rich Americans lost all their money
  • Many companies had to close many millions of
    jobs were lost
  • Ordinary people who had been encouraged to
    speculate on shares lost everything
  • Banks lost money many went out of business
    people who had saved with them lost everything
  • 1929 700 banks went bust
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