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THE GREAT DEPRESSION

THE GREAT DEPRESSION. A BRIEF HISTORY. Timeline. September 4, 1929 – U.S stock market prices began to fall. October 29, 1929 - Stock market crash (known as Black Tuesday). Lasted until the start of WWII (September 3, 1939). Causes. Stock Market Crashed

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THE GREAT DEPRESSION

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  1. THE GREAT DEPRESSION A BRIEF HISTORY

  2. Timeline • September 4, 1929 – U.S stock market prices began to fall. • October 29, 1929 - Stock market crash (known as Black Tuesday). • Lasted until the start of WWII (September 3, 1939).

  3. Causes • Stock Market Crashed • Within 2 months of the October crash, stockholders had lost more than $40 billion dollars. • Banks Failed • Throughout the 1930’s more than 9,000 banks failed • No deposit insurance; people lost savings • Banks less likely to loan

  4. Causes • Decreased Spending & Increased Unemployment • Less purchasing led to less production • Less production led to workforce reduction • Workforce reduction led to households unable to pay debts • Inability to pay debts led to repossession • Repossession led to increased inventory • Increased inventory led to increased workforce reduction U.S Unemployment rate above 25%

  5. Causes • Economic Policy • Businesses began to fail • U.S Government introduced higher tariffs to protect companies • Led to decreased trade between U.S and foreign countries • Tariffs caused more harm than good

  6. Consequences U.S Annual Real GDP in 2010 13,088.0 U.S. Annual Real GDP

  7. Consequences Current U.S Unemployment Rate (Nov. 2011) U.S. Unemployment Rate

  8. Consequences Job Hunting Bread Line Feeding a crowd Migrant Worker Mother of 7

  9. The End • U.S called to action in response to Pearl the attack of Harbour • Men trained as soldiers, sent to war • Women ran plants and factories • Production of artillery, weaponry, transport needed to assist in war efforts

  10. Sources • Statistics Canada Archives - The Great Depression (http://www65.statcan.gc.ca/acyb01/acyb01_0005-eng.htm#g01) • U.S Department of Commerce-Bureau of Economic Analysis (http://www.bea.gov/national/index.htm#gdp) • Cary Nelson, ‘Modern American Poetry’ (http://www.english.illinois.edu/maps/depression/depression.htm) • Wikipedia (http://en.wikipedia.org/wiki/Great_Depression)

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