Ch 24 - Chapter Twenty-Four The Great Depression and the...

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Chapter Twenty-Four The Great Depression and the New Deal, 1929—1940
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Part One: Introduction
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The Great Depression and the New Deal How is the mood of Americans during the Great Depression displayed in this painting?
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Chapter Focus Questions What were the causes and consequences of the Great Depression? What characterized the politics of hard times? Who was Franklin D. Roosevelt and what were the two New Deals? How did the federal sphere expand in the West? What characterized American cultural life during the 1930s? What were the legacies and limits of New Deal reform?
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Part Two: American Communities
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Sit-Down Strike at Flint In 1937, the community of Flint Michigan went on strike at the General Motors plant. The depression hit this auto-producing town very hard. The United Auto Workers attempted to take advantage of the Wagner Act and organize a union, but GM resisted them. Strikers seized two GM plants and refused to leave. Supported by the governor, the strikers resisted efforts to eject them. The community rallied to support the strikers. GM gave in and recognized the UAW, a move that the other
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Part Three: Hard Times
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The Bull Market and the Crash During the 1920s stock prices rose rapidly. Investors were lured by easy-credit policies like buying on margin. The market peaked in early September 1929, drifted down until late October, and crashed on October 29. By mid-November, the market had lost half of its value. Buyers on margin faced paying hard cash to the cover the loans they received for purchasing stock that sold well below what they had originally paid. Few people predicted that a depression would follow.
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Underlying Weakness The crash did not cause the depression but revealed the underlying economic weakness. Industrial growth during the 1920s had not been accompanied by comparable increases in wages or farm income. The gap between rich and poor widened, as did that between production and consumption.
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Mass Unemployment The stock market crash led manufacturers to decrease spending and lay off workers. Weak consumer demand and bank runs turned the slump into a depression. By 1933, nearly one-third of the labor force was out of work. Unemployment took a tremendous personal toll and undermined the traditional authority of the male breadwinner.
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Hoover’s Failure The enormity of the depression overwhelmed traditional sources of relief. President Hoover seemed unable to accept the facts of the depression. He vetoed measures to aid the unemployed. His Reconstruction Finance Corporation failed to
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Ch 24 - Chapter Twenty-Four The Great Depression and the...

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