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The Great Depression

The Great Depression. Why was it called the “Great” Depression?. Worldwide Severity Length of time. Events leading to the crash. September 29, 1929, the market began to falter October 24th- “Black Thursday”- 13 million shares dropped

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The Great Depression

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  1. The Great Depression

  2. Why was it called the “Great” Depression? • Worldwide • Severity • Length of time

  3. Events leading to the crash • September 29, 1929, the market began to falter • October 24th- “Black Thursday”- 13 million shares dropped • October 25th, J.P. Morgan and others tried to resurrect the market, but failed • Finally, October 29th (Tuesday), the market crashed; 16 million additional shares lost

  4. Causes of the crash • Overproduction and under consumption • Uneven distribution of wealth • Easy credit- lot of consumer credit • Risky investments

  5. Causes of the Global Depression • Stock market crash (1929) • Reduction in demands for goods • Decline in prices for commodities (rubber, sugar, cotton, etc,) • Demands for repayment of American loans

  6. Effects • Lack of faith in the banking system- people kept their money in mattresses • Banks closure • High unemployment (25% of Americans unemployed by 1933) • The severe downturn in the market led to suicides and other self-inflicted disasters • Loss of homes • Loss of farms • Declined in people’s standard of living

  7. Herbert Hoover (1929-1933) • Herbert Hoover (president) • Called for volunteerism- people needed to give up certain things • Govt promised WWI veterans bonuses, but could not; led to a march on Washington

  8. Franklin D. Roosevelt • Becomes president in 1933 • Took measures immediately to revive the economy • “banking holiday”-closed all existing banks • Permanent closure of some and mergers of others • Strong banks remained

  9. FDR • Used ocassional fireside chats to speak to the American people • Created the Tenessee Valley Authority (TVA)- to improve drainage and agriculture- led to jobs and food production • Production of electricity

  10. New Deal • Recovery • Relief • reform

  11. Recovery (agriculture & industry) • National Recovery Administration (NRA)- bring together labor, management, and government to solve problems • Agriculture Adjustment Act (AAA)- payment to farmers- subsidy

  12. Relief • Civilian Conservation Corp (CCC)- All men b/ween 18-25 given jobs: planting trees and doing flood control; erosion control and road construction- put 3 million back to work • Civil Works Administration (CWA)- designed to do street cleaning: raking leaves, digging ditches, building schools- put 4 million people to work

  13. Relief • Works Progress Administration (WPA)- designed to hire artists, writers,etc.; writers were put to work to write about cities and towns; artists painted murals in municipal buildings, post offices, and schools

  14. Reform • 1935: Social Security Act • 1938: Fair Labor Standard Act- minimum wage • Security and Exchange Commission (SEC) • Federal Housing Authority (FHA) • NEW DEAL program ended in 1938

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