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Chapter 23
THE GREAT DEPRESSION
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What were some of the causes of the Great Depression? What made it so severe, and why did it last so long?
What was the impact of the depression on farmers, minorities, and women?
How did President Hoover and his administration try to deal with the Depression? What was the results of those efforts?
Questions to think About
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Causes of Great
Depression
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Domestic Reasons
Fractional Reserve Lending
Easy Credit
Buying on Margin
Loans for Stock
Purchase
Bank Runs
Over-Production
Reduced Consumer Spending
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Overseas Reasons
BANK of England
High American
Tariffs
WWI Reparation
s
Inflation
International Debt
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International Monetary Policy
During WWI Countries go off
the Gold Standard
They were trying to protect their
gold
British Central Bank looks to keep their dominance over
world Financial markets through the League of
Nations
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After WWI
No Gold Standard
Why? Before WWI1 Pound = $4.86
After1 Pound = $3.50If return to Gold
Standard
30% Loss
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Britain’s Problem
British Manufacturers Could not cut wages because of Unions creating less Profits
All Countries Inflate Currencies to keep prices competitive
Gold Prices Rise
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Britain’s Scheme
Keep Pounds at
Inflated Level
Want to save Exports
British Manufacturers Could not cut wages
because of Unions so they need low prices
High Tariffs
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The Collapse
Loans
Germany redeems Pounds for Gold to pay
loans
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The Collapse
Germany redeems Pounds for Gold to pay
loans With Less Reserves US
Banks begin to Collapse
Margin Calls
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“The Crash” “Black Tuesday”
October 29th 1929 Panic $40 Billion lost Banks close Unemployment
goes to 20% Farms close
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President Hoover’s Solution
Voluntarism“No cuts to
hours or wages”
Agricultural Marketing
Act
“Parity”
Reconstruction Finance Corporation
“Loan Program”
“Hoovervilles”Public Works
Smoot-Hawley
Tariff
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Bonus Army 1932 20,000 vets go to DC to demand
payment Hoover sends army to evacuate Vets Riot ensues Makes Hoover Look Bad Hoover is blamed for Depression
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