The Great Depression - liebsapush.weebly.com€¦ · The Great Crash ! May 1928-September 1929,...
Transcript of The Great Depression - liebsapush.weebly.com€¦ · The Great Crash ! May 1928-September 1929,...
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The Great Depression
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Election of 1928
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“We in America are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us.”
- Herbert Hoover, 1928
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The Great Crash ! May 1928-September 1929,
stocks of major industries doubled
! beginning in Sept 1929, gradual slide
! Black Thursday (Oct. 24) ! largest sell-off in NYSE history
! Black Tuesday (Oct. 29) ! $40 billion in stock value lost by
Dec.
! Signaled beginning of Depression – did not cause Depression
! Overspeculation
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Causes of the Depression ! Lack of diversification
! Prosperity depended on a few industries
! Weakness in consumer demand ! Consumer demand was unequally distributed ! Overproduction
! Poor credit structure ! Farmers deep in debt ! Instability of banks
! Decline of exports ! High protective tariffs
! International debt ! Allies owed money to U.S. – depended on reparations and loans to pay
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Progress of the Depression
Stock Market Crash
Banking Collapse
(Bank Runs)
Severe Contraction (Deflation)
Severe Unemployment
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Unemployment and Relief
! Belief in personal responsibility – sense of shame
! Turned to state and local public relief systems ! Unequipped to handle massive unemployment
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“Dust Bowl”
! Steady decline in rainfall combined with heat wave beginning in 1930 ! Turned farmland
into deserts
! Many left homes in search of work or handouts – “Okies”
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African Americans and the Depression
! Experienced considerably more unemployment, homelessness, malnutrition, disease ! Displaced in service occupations by whites
! Forced from farmland
! Continued migration to northern cities
! Scottsboro Case – Nine “Scottsboro Boys” convicted of rape with no evidence ! Supreme Court overturned convictions
! New cases publicized by International Labor Defense and NAACP
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Other Minorities and the Depression
! Mexican Americans ! Similar patterns of discrimination
! Some forcefully removed from the country
! Asian Americans ! Japanese American Citizens League – challenged
discrimination
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Women and the Workplace in the Great Depression
! Popular disapproval of women’s employment ! Despite this, 20% more women were in the work force
at the end of the Great Depression
! More likely to lose professional and industrial work
! Feminist setbacks
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Depression Values
! Retreat from consumerism
! Persistence of the “Success Ethic” ! Led to self blame for poverty
! Dale Carnegie: How to Win Friends and Influence People
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Artists and Intellectuals and the Great Depression
! “Discovery” of rural poverty through photography work of Farm Security Administration ! Dorothea Lange
! Writers wrote exposés on social injustice and poverty ! John Steinbeck: The Grapes of Wrath
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Radio
! Often a community experience
! “Escapist” programming ! Amos ‘n Andy, Superman, Dick Tracy, The Lone Ranger ! Soap operas
! Direct access to public events ! Sporting events, politics, the Hindenburg disaster
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Movies in the New Era
! Less expensive entertainment option – movies were becoming more appealing (color and sound)
! Most films were deliberately escapist – musicals, comedies ! The Marx Brothers
! Walt Disney
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Popular Literature and Journalism
! Most popular were escapist ! Gone With The Wind
! Magazines focused on fashions, stunts, scenery, and the arts ! Life Magazine
! Some challenged values of American popular culture ! John Dos Passos
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The Popular Front and the Left
! Rise of the “Popular Front” Broad coalition of “antifascist” groups
! American Communist Party most influential ! Orchestrated by Soviet Comintern
! Spanish Civil War – attracted young Americans ! Fought against the fascists supported by Hitler and
Mussolini
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The Popular Front and the Left (cont.)
! The Socialist Party of America ! Supported Southern Tenant Farmers Union
! Antiradicalist efforts by the national government
! “Left” became more attractive during the Great Depression
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Hoover’s Reaction: The Hoover Program
! Limited government philosophy ! Urged voluntary cooperation for recovery – collapsed
! Public works programs
! Agricultural Marketing Act: government program to maintain farm prices
! Hawley-Smoot Tariff
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Unhappy Presidency ! Many held Hoover personally to
blame ! “Hoovervilles,” “Hoover Flags,”
“Hoover Blankets”
! Formed Reconstruction Finance Corporation (RFC) ! Provided federal loans to banks,
railroads, other businesses ! Bailout program ! Did not have enough money to
make impact
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Popular Protest
! Farmers’ Holiday Association ! Endorsed farmers’ strike
! Bonus Army ! Demanded payment of bonus
promised for 1945 ! 20,000 marched on
Washington ! Hoover ordered U.S. Army to
assist police in clearing them out
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The Election of 1932
! Democrats nominated Franklin Delano Roosevelt ! Demonstrated willingness to use government programs
as governor of New York
! “I pledge you, I pledge myself to a new deal for the American people”
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The “Interregnum”
! Period between election and inauguration
! Collapse of American banking system accelerated
! Hoover tried to get Roosevelt to promise that he would maintain policies of economic orthodoxy ! Roosevelt refused
! Personal bitterness between the two
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