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Us history Period 7: Chapter 24: The Great Depression and the New Deal, [496 - 514] class notes chapter 24 summary verified +

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Us history Period 7: Chapter 24: The Great Depression and the New Deal, [496 - 514] class notes chapter 24 summary verified + Us history Period 7: Chapter 24: The Great Depression and the New Deal, [496 - 514] class notes chapter 24 summary verified + Period 7: Chapter 24: The Great Depression and the New Deal, [496 - 514] Due Date: MONDAY, MARCH 26TH Causes and Effects of the Great Depression, - Wall Street Crash - Rising stock prices had been symbol and source of wealth in the 20s- eco boom - Stock market had reached an all time high - Crashed in Oct 1929 - Black Thursday and Black Tuesday - Oct 24, unprecedented selling on Wall Street, stock prices plunged - Next day group of bankers tried to stablilize prices by buying millions in stocks, worked for one day - Oct 29, selling frenzy, millions sold almost no buyers - Prices kept falling - Causes of the Crash - Uneven Distribution of Income - Wages has risen little comp to large increase in productivity and corporate profits - Eco success not shared by all, top 5% of richest Ams recieved 33% of all income - Demand lowered and workers laid off, was a cycle - Stock Market Speculation - People believed they could get rich off stock market - People weren’t investing to share profits, were specualting that price of stock would go up and then they could sell - Buying on margin allowed people to borrow most of cost of stock, with 10+% downpayment - Excessive Use of Credit - Low interest rates and belief of comsumers and producers that eco boom was permanent led to more borrowing and installment buying - Over indebtedness would result in defaults on bank loans and bank failures - Overproduction of Consumer Goods - Business growth, increased productivity, use of credit caused large volume of goodsthat workers couldn’t continue to purchase - Weak Farm Economy - Overproduction, high debt, low prices since WWI - Severe weather and long drought - Government Policies - Gov had faith in business and didn’t control or regulate - High tariffs protect US industries but hurt farmers and international trade - Blame on Federal Reserve for tight money policies bc banks failed, tried to preserve gold standard instead od stabilizing banks, money supply and prices - No depositors’ insurance so people pulled money from banks that then failed - Global Economic Problems - Nations were interdependent bc international banking, manufacturing, and trade - Euro recovered from WWI but US failed to see Euros post war probs - US insistence on loan repayment in full and high tariffs weakened Euro and contribute to worldwide depression - Effects - Eco decline reached bottom in 1932, full recovery in 1939 with start of WWII - Great Depression influences Am thinking and policies - US Gross Nat Produ

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Us history period 7: 1898 - 1945 chapter 24: the great depression and the new deal, 1929-1939 [496 - 514] class notes chapter 24 summary verified +

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  • us history period chapter 24 th

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Chapter 24: The Great Depression and the New Deal, 1929-1939 [496 - 514]
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