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Great Depression
Experiencing the Great Depression
| Question | Answer |
|---|---|
| When? | October 29, 1932 |
| Percents Unemployed and Percent of banks bankrupt | 8% unemployed today, versus 25% unemployed in 1932 25% of all banks went under (bankrupt) |
| Hoovervilles | A congregation of makeshift housing named after President Hoover (mockingly) |
| Suicide Rates | Suicide rates in the 30s were higher than any other decade, because men killed themselves when they couldn't provide for their families |
| Migrant Worker | A person who goes from place to place for jobs; has no one, set job. (Generally follows harvest time) |
| African American's | A-A were the last hired, and first fired at work |
| Definition of Great Depression | The longest and most severe economic slump in U.S. history, lasting from October 29, 1929 to about 1941. There was poor economy, high unemployment and production levels dropped immensely |
| Maldistribution of Wealth | Coolidge Prosperity was not shared evenly Caused diff. between low and upper class to increase, therefore the wealthy only purchased a little amount and poor people didn't have money to buy what they needed. Certain industries declined |
| Overuse of Credit | People overused their credit and when they couldn't pay what they owned, the manufacturers suffered |
| Causes to Great Depression | Maldistribution of Wealth Overuse of Credit Overproduction of Goods (1920) US Economy is NOT Diversified Worldwide Econ. Sit. Stock Speculation and Buying in Margin Stock Market Crash |
| Overproduction of Goods | The work production increased by 32%, though their pay only increased 8% Money went to corporate profits There was total supply, but not total demand |
| US Economy is NOT diversified | Calvin Coolige's Admin favored business and therefore favored those who invested in business Industries are dependent on cars/radio companies Gov't stopped aiding agriculture Farmers lost too much money, whereas companies got millions of dollars |
| Worldwide Wide Economy Situation | Europe wanted to sell to America and therefore lowered the price American gov't didn't want American's buying foreign goods, so they made tariff tax |
| Tariff Taxes | Taxes on imports that allowed American's to keep their prices below European's prices on the same goods so people would only buy American made products It then moves its companies to Asia to skip over tariff taxes which therefore left many workers jobles |
| Stock Speculation and Buying in Margin | People were too confident in stocks being better and stocks were being bought so much that it crashed Buying stocks on margin = buying stock on credit |
| Stock Market Crash | Huge market crashes were also based on fear that the stocks weren't doing well The more stocks bought, the faster it crashed Major investors lost confidence in stocks and gave up so it crashed |
Created by:
spencerbuggie
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