Lecture 7 - Lecture 7 The Great Depression Prelude to the...

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Lecture 7 The Great Depression Prelude to the Depression o Prosperity (the roaring 20s) Increased international trade Postwar construction wave Development of new industries Example: The Automobile (Henry Ford) o Transformed from an oddity that shared the roads with horses o After WWI, cars became mass produced because of Ford’s assembly line. o Invented to make cars Causes sharp increase for demand in oil, steel, rubber, mechanics, truck drivers, and etc. Stimulated entire basic industries (steel, rubber, etc.) and service industries (gas stations, mechanics, etc.) I. Economic Causes o Global 1) Changes in agricultural production Wartime decimation of European fields Wartime agriculture price increases Mechanized agricultural technology Tractors, improved fertilizer, etc. 2) Agricultural depression o European goods back on international market o Price collapse o Farm closings Farmer were in debt because of the high price that they bought their land so when there was a surplus prices of their crops went down. 3) Shrinking market for industrial goods
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Lecture 7 - Lecture 7 The Great Depression Prelude to the...

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