Studied by 0 people- Dates Great Depression - Short and long-term factors that led to the Depression - Hoover and his responses to the Great Depression - particularly for farmers - Rugged Individualism - Impacts of the Great Depression - social, economic - Impacts Great Depression on groups - farmers, workers
Great Depression Dates
Start: October 29, 1929 (Black Tuesday - Stock Market Crash triggered)
End: Late 1930s to Early 1940s (End marked by World War II)
Short and Long-Term Factors Leading to the Depression
Short-term: Stock Market Crash, Bank Failures, Sudden Loss of Consumer Confidence
Long-term: Uneven Wealth Distribution, Overproduction, Agricultural Surpluses, Protective Tariffs
Hoover and His Responses to the Great Depression - Particularly for Farmers
Hoover's Response: Established Reconstruction Finance Corporation (RFC) for Financial Relief, Federal Farm Board to Stabilize Agricultural Prices
Agricultural Policies: Imposed Protective Tariffs to Shield American Farmers, Initiated Farm Relief Programs
Rugged Individualism
Concept: Stressed Self-Reliance, Belief in Individual Initiative and Responsibility
Hoover's Philosophy: Encouraged Local Solutions, Voluntary Efforts Over Direct Government Intervention
Impacts of the Great Depression - Social, Economic
Social Impact:
Unemployment Soared to Approximately 25%, Resulting in Financial Desperation for Families
Homelessness Became Prevalent, with Makeshift Shantytowns (Hoovervilles) Emerging
Poverty Escalated, Leading to Malnutrition, Health Decline, and Strain on Social Services
Economic Impact:
Gross Domestic Product (GDP) Experienced a Drastic Decline, Plunging the Nation into Economic Turmoil
Bankruptcies Skyrocketed, Banks Collapsed, and Financial Institutions Struggled to Survive
Prices Plummeted, Triggering Deflationary Pressures and Making It Challenging for Businesses to Sustain Operations
Impacts of the Great Depression on Groups - Farmers, Workers
Farmers:
Foreclosure Rates Surged as Agricultural Prices Plunged, Forcing Many Farmers Off Their Land
Crop Surpluses Led to Sharp Declines in Prices, Resulting in Financial Ruin for Countless Farming Families
Widespread Bankruptcies Occurred in the Farming Sector, Exacerbating Economic Hardships
Workers:
Unemployment Rates Soared, Leaving Millions Jobless and Struggling to Make Ends Meet
Wages Decreased Significantly, Placing Further Financial Strain on Working Families
Labor Strikes Became Common as Workers Demanded Improved Working Conditions and Fairer Wages, Often Leading to Tensions Between Employees and Employers
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