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Transcript
Causes of the Great
Depression
• Overproduction and under consumption of
goods.
• Farm Debt / Credit Problems
• Uneven distribution of wealth
Effects of the Great
Depression
Stock Market Crash – Panic of 1929
Factories Close - 1931 Ford lays off 75,000
Unemployment Rises - 1932 13 million without
jobs (25%)
Effects of the Great
Depression
5,500 banks close and 9 million accounts
vanish
Gross Domestic Product = 103 billion in 1929
GDP = 56 billion in 1933
Hoover’s Philosophy
1929-1932
“The spread of government
destroys initiative and thus
destroys character. Character is
made in the community as well as
in the individual by assuming
responsibilities and not escaping
them.”
Hoover’s Aid Policies
Reconstruction Finance Corporation
Agricultural Marketing Act
Hoover’s Unpopularity
Hoovervilles
Bonus Army
1933: A New President A
New Deal
The New Deal
Goals
Fix the Banks
March 6, 1933 close banks to inspect the
financial health of all banks.
Establish the FDIC = Insure bank accounts
up to 5,000
Reopen banks on March 16 and deposits
exceeded withdrawals
The New Deal Goals
Provide Relief
Federal Emergency Relief Administration
(FERA) -Give money to local relief
agencies.
New Deal Goals
Create Jobs “Public Works
Programs”
Provide Jobs
Civil Works Administration (CWA) = roads,
parks, and airports
Civilian Conservation Corps (CCC) = forest,
beach, and park maintenance/restoration
Public Works Administration (PWA) = dams
and bridges
Tennessee Valley Authority = cheap electric
power and flood control of the Tennessee
Valley
Stimulate Economic
Recovery
National Recovery Administration (NRA) =
regulate wages, working conditions,
production, prices, minimum wage and
collective bargaining.
Security and Exchange Commission (SEC) =
regulate the stock market
Agricultural Adjustment Act (AAA) = raise crop
prices through lowered production.
The Second New Deal
1935
Works Progress Administration (WPA) =
provided 8.5 million jobs
Social Security Act (SSA) = pensions for
workers, unemployment insurance, aid to
dependent mothers and children, to the blind,
and physically disabled
New Deal Criticisms
Many acts deemed unconstitutional (too
socialist)
Did not end discrimination to any minorities
Did not end the Great Depression