Great Depression
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- Causes of the Great Depression-explain
- -Consumerism society and optimistic, -International Relations: U.S. demanded payment of WW1 loans -Europeans wouldnt buy American things -Coolidge didnt do anything -Differences in income: 42% below poverty level, 1% had 30% of the wealth.
- " Leadership of 1920s
- Calvin Coolidge
- " Stock Market Crash
- October, 29, 1929
- Effects of the Great Depression " Impact on people -
- *Eviction, *Farms and houses foreclosed, *Hoovervilles: camps for homeless *Migratory workers: people move for work *Bonus March of 1932
- " Impact on economy-
- *Lost confidence in economy *Businesses reduced production or just closed down *Unemployment *Banks closed *Reduced purchasing power *Created a continuing cycle of depression
- " FDR's point of view /plans
- Change everything, act quickly. He would have a Brain Trust and 3Rs: Relief Recovery Reform.
- " Hoover's point of view /plans-
- Do nothing, let it figure itself out. (Laissez-faire) He would voluntarily limit production and keep the Gold Standard.
- -relief
- 1. Civilian Conservation Corps (CCC): jobs for young men: conserved natural resources. 2. Federal Emergency and Relief Administration (FERA):direct relief (money, clothes) to people. 3. Works Progress Administration (WPA): gave jobs building public b
- -recovery
- 1. Tennessee Valley Authority (TVA): helped the valley by controlling floods and providing electricity. 2. National Recovery Administration (NRA): set industry codes for production, wages, prices and working conditions. 3. Agricultural Adjustment Act (
- -reform
- . 1. Federal Deposit Insurance Corp. (FDIC): insured saving accounts in government approved banks. 2. Social Security Act: pensions for retired workers unemployment insurance, welfare.
- FDIC
- Federal Deposit Insurance Corp
- AAA
- Agricultural Adjustment Act)
- NRA
- National Recovery Administration
- TVA
- Tennessee Valley Authority
- WPA
- Works Progress Administration
- FERA
- Federal Emergency Relief Administration
- CCC
- Civilian Conservation Corps
- Criticism of New Dealexplain
- -Seen as socialistic - Unconstitutional -Against American self-reliance -Called FDR a dictator - Deficit spending
- Support for New Dealexplain
- -Stretched constitution to fit needs of time. -Offered immediate help to needy -Fixed problems that led to the depression -Increased optimism.
- End of the Great Depressionhow and why?
- -The pace of legislation slowed -Supreme Court upheld important programs like Social Security -Fair Labor Standards Act: set minimum wage and a 40 hour work week. WW2
- Legacy of the New Dealhow does it still affect us today?
- -U.S. Government helps with economic problems -Created a welfare state with Social Security -Many programs are still around today