C121 Task 4.docx - Survey of United States History C121...

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Survey of United States History C121 Task 4 A. Explain the major causes of the Great Depression Following World War I, industries saw less demand for products as the need for such products ended with the war. Soldiers flooded the workforce causing unemployment to climb, mining and railroads suffered as well as consumer spending. In 1922, the economy began to turn around. Electric energy, in the form of motors enabled manufacturers to produce goods more efficiently and for less money. The majority of households had electric services allowing them to purchase small household appliances and the growing economy gave consumers more money to spend on beauty salons, movie theatres, and restaurants. Automobiles could also be purchased through payment installments driving the consumerist to spend more. The United States produced almost half of the world’s industrial goods by the late 1920’s. (Norton, 2015) The stock market crashed in October of 1929. Known as Black Thursday, the market plunging was a major catalyst leading to the Great Depression wiping out $10 billion, $100 billion in today’s value. Panic set in as prices reached record lows and sellers were unable to find buyers. The panic lifted, slightly when leading bankers put up $20 million and began purchasing stocks. Five days later, Black Tuesday followed, and the market plunged again. Believing the economy was strong enough to overcome the market plunging, President Hoover promised the crisis would be over within sixty days. When stock market didn’t recoup as expected, it led to a depression that extended worldwide. (Norton, 2015) B. Describe three ways that the New Deal sought to address the problems of the Great Depression. President Roosevelt began implementing new policies to address the failed economy the day after his inauguration. Roosevelt closed the nation’s banks for four days and called an emergency session with Congress. He introduced the Emergency Banking Relief Bill which was passed the same day. The bill
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