The Great Depression PDF

The Great Depression Economic Depression - long period of vary bad economic conditions, with lots of people struggling WWI’s effect on the GD - WWI caused an economic strain which ultimately led to national debts, disrupting global trade and led to large amounts of overproduction which all were the...

The Great Depression Economic Depression - long period of vary bad economic conditions, with lots of people struggling WWI’s effect on the GD - WWI caused an economic strain which ultimately led to national debts, disrupting global trade and led to large amounts of overproduction which all were the trigger that caused the stock market to crash Causes of the GD - Stock market crash of 1929, Bank Runs, Industries were in trouble, Income inequality, Credit and Debit, Agriculture and Tariffs Herbert Hoover: president. Thought the people should help themselves without government help Speculation: stock market predictions. Buying and then estimating when stocks would become worth more Credit: the ability to buy things with the intention of paying later Margin - Borrowing money from a broker to buy stocks or other investments Black Tuesday - October 29, 1929 the day where the stock market crashed Shantytowns: poor neighborhoods built like shacks and junk Dustbowl: during ww1, farmers overproduced crops and the land dried out. The Midwest was completely dry and dusty Effects of the GD on: Rural areas - Agriculture was lacking as many farmers suffered from crop failures due to the large winds that swept across the areas Urban areas - It was impossible to find jobs in urban areas which led to large amounts of poverty and homelessness Children - The oldest Children were often abandoned as families could not afford to feed their children, they were sent away to find jobs in order to feed themselves Elderly - limited savings which led to poverty Men - very high unemployment rates which made it difficult for them to feed their families African Americans - faced an even higher rate of unemployment as well as discrimination and poor working conditions Social norms - economic hardship created change in the traditional workforce as women now started to enter the workforce more often Psychology - GD spread great anxiety, fear and depression among the people Hobos: homeless, migratory individuals who traveled across the United States during the Great Depression in search of work and better living conditions. Hoover’s philosophy on the role of govt.: rugged individualism Rugged Individualism: popularized by President Herbert Hoover, referring to the belief that individuals should rely on their own efforts and not on government assistance to achieve success. Laissez-Faire: economic philosophy that advocates for minimal government intervention in business and economic affairs, allowing the free market to operate without regulation. Trickle-Down Economics: economic theory that suggests benefits given to the wealthy, such as tax cuts or financial incentives, will eventually "trickle down" to the broader population in the form of job creation, investment, and overall economic growth. Hoovervilles, etc.:makeshift shantytowns that sprang up across the United States during the Great Depression, named derisively after President Herbert Hoover, whom many blamed for the economic crisis. Bonus Army:World War I veterans who marched on Washington, D.C., in 1932 to demand early payment of a promised bonus due to them for their military service.