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The Great Depression in the U.S. (1930’s) Grade 10 American History, February 12, 2012 Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:58 AM Why Should We Study the Great Depression? Worst economic disaster of the 20th century Causes still unknown Study contributions to the depression to prevent future depressions Relevant to current events (2008) Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:58 AM Relating the Past & Present: Great Depression (1930) vs. Great Recession (2008) Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:58 AM Contributing Factors to the Great Depression: The Roaring 20’s • Economy based on complex productions • Automobiles, Clothing, Processed foods, etc • Favorable Business Conditions • Job Growth • Consumer Credit • Many invested their money in stocks • Collapse of purchasing power slowed transition to new economy Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Herbert Hoover (1929-1933) 31st President during onset of Great Depression Republican Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Herbert Hoover Believed that economy would right itself without gvt. intervention Feared self-reliance would be destroyed Tried to combat Great Depression with: 1. Volunteer Efforts 2. Public Works Projects (Hoover Dam) 3. High Tariffs/Increases in corporate taxes Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Herbert Hoover Firm believer in balanced budgets Unwilling to run a budget deficit to fund welfare programs Drought persisted in central U.S. Crop failure (Dust Bowl) Homeless began congregating to Hoovervilles (shanty towns) Final attempt of Hoover Administration was the Emergency Relief and Construction Act Authorized funds for public works and creation of the Reconstruction Finance Corporation (RFC) Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Popular Political Cartoons Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Debated Causes of the Depression Stock Market Crash Thursday, October 24, 1929 Panic set in as brokers rushed to unload stocks Kelsey Wirbicki, EDLT-102 October 29, 1929: “Black Tuesday” Market stood at only half its precash worth Corporations and Individuals are wiped out 5/23/2017 3:54:59 AM Causes Continued Ill-conceived government policies were at fault 1920’s focused on reducing gvt. interference with economy Lower taxes on wealthy and reduce spending Rickety credit and financial system Bank failures were common Traced to low farm prices and risky loans Banks were virtually unregulated Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Causes Continued Harding & Coolidge administrations concerned about a strong dollar rather than about stable employment Possible Channels: Loss of deposits Decline in expenditures Customer relationships broken harder to borrow Money supply contraction Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM How Serious Was the Great Depression? Real output (GDP) fell 29% from 1929 to 1933. • Real GDP: GDP measured at a fixed price level (i.e., inflation adjusted). • Unemployment increased to 25% •Consumer prices fell 25%; wholesale prices 32% 7,000 banks failed Fell from 25,000 in 1929 to 15,000 by 1934 Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Bank Panics Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Growing Up in the Great Depression (Video) “The shared memories of five adults who survived the Depression weave a tapestry that illustrates an aspect of American culture in the 1930s: children maturing quickly and becoming self-reliant at an early age.” Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Recovery and FDR Franklin Roosevelt Democrat Elected president in 1933 Beat Hoover for re-election Created the New Deal with the help of his trusted advisors (the Brain Trust) Shifted from a non-intervention policy to a gvt. of regulation & relief Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Recovery and The New Deal Series of economic programs implemented in the United States between 1933 and 1936 Passed by U.S. Congress Three Goals of The New Deal (The Three R’s): 1. Relief (for the unemployed and poor) 2. Economic Recovery 3. Financial Reform Restored confidence in banking system (FDIC) Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM The New Deal (ABC Programs) FDR expanded Executive Branch using implied power in first 100 days of office Created numerous agencies Aided Agriculture, Business, and Unemployed (Known as Alphabet Soup) e.g. AAA, NRA, WPA, PWA, CCC, etc. Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM The New Deal Continued Pros Maintained an average of 17% level the unemployment throughout the 1930s Political and economic life became more competitive Workers, farmers, consumers, etc. able to press their demands upon the government in ways that in the past had been available only to the corporate world Kelsey Wirbicki, EDLT-102 Cons Did not resolve Depression Failed to lower the unemployment rate below 14% Many argued that ABC programs were unconstitutional 5/23/2017 3:54:59 AM Recovery and WWII Recession of 1937 set back recovery Additional measures placed to cope with Depression Fall of 1937: Roosevelt called for action to isolate the aggressive powers Congress enacted several neutrality measures between 1935-1939 Prevented nation from trading or giving financial credit to nations engaged in armed conflict Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Recovery and WWII America soon entered WWII Unemployment finally fell below 10% Massive war spending doubled economic growth rates Either masking the effects of the Depression or essentially ending the Depression U.S. Soldiers were paid and some sent money home Women worked in factories to build airplane's, ships, tanks, etc. WWII created much needed jobs in factories involving the production of war supplies Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM For Further Research About the Great Depression Novels The Grapes of Wrath Author: John Steinbeck Plot Overview: Forced from their home during the Great Depression, the Joad family is lured to California to find work; instead they find disillusionment, exploitation, and hunger. Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Further Information About the Great Depression Songs of the Great Depression: 1.Brother, Can You Spare a Dime? (1931)-Jay Gorney 2.Life is Just a Bowl of Cherries (1931)-Ray Henderson 3.Heading For Better Times (1931)Ted Lewis Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM “Walk the Plank” A game of trivia to help test your knowledge about the Great Depression Walk the Plank Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM Review 1. What were the ABC Programs designed to do? 2. Did the New Deal Completely restore the economy? Why or Why not? 3. What novel was inspired by the Great Depression? 4. Who was the Democratic candidate that beat Herbert Hoover in 1933? Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM References Goldman, D. (n.d.). Great Depression vs. 'Great Recession' . CNN Money. Retrieved February 9, 2012, from http://money.cnn.com/news/storysupplement/economy/recession_depression/ Herbert Hoover National Historic Site (2011, November 17). Herbert Hoover. NPS. Retrieved February 9, 2012, from http://www.nps.gov/heho/historyculture/herbert-hoover.htm Oakes, J., McGerr, M., Lewis, J. E., Cullather, N., & Boydston, J. (2011). A Great Depression and a New Deal. In Of the People. (2nd ed.). (pp. 673-699). New York, New York: Oxford University Press Inc.. Oakes, J., McGerr, M., Lewis, J. E., Cullather, N., & Boydston, J. (2011). A Second World War. In Of the People. (2nd ed.). (pp. 701-730). New York, New York: Oxford University Press Inc.. Rosenberg, J. (n.d.). Great Depression Pictures. About: 20th Century History. Retrieved February 10, 2012, from http://history1900s.about.com/od/photographs/tp/greatdepressionpictures.htm Steinbeck, J. (1992). The Grapes of Wrath. New York, New York: Penguin Classics. The Phoenix Learning Group, Inc. (2008). Growing Up In The Great Depression . Youtube. Retrieved February 11, 2012, from http://www.youtube.com/watch?v=hbEVeKIghCk Walk the Plank: The Great Depression. (n.d.). School History. Retrieved February 12, 2012, from http://www.schoolhistory.co.uk/games/walk/walk_depression.html Kelsey Wirbicki, EDLT-102 5/23/2017 3:54:59 AM
