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A_CHAPTER22 - The Great Depression Begins An economic...

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People reading the Manchester Union Leader newspaper notice board in New Hampshire (c. 1935). The Great Depression Begins An economic crisis grips the nation during the Great Depression. President Herbert Hoover’s conservative response to the nation’s problems costs him many supporters. NEXT
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NEXT The Great Depression Begins SECTION 1 SECTION 2 SECTION 3 The Nation’s Sick Economy Hardship and Suffering During the Depression Hoover Struggles with the Depression
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Section 1 The Nation’s Sick Economy As the prosperity of the 1920s ends, severe economic problems grip the nation. NEXT
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Economic Troubles on the Horizon Industries in Trouble Key industries like railroads, textiles, steel barely make profit Mining, lumbering expanded during war; no longer in high demand Coal especially hard-hit due to availability of new energy sources Boom industries—automobiles, construction, consumer goods— now weak Housing starts decline The Nation’s Sick Economy 1 SECTION NEXT Continued . . . Chart
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Farmers Need a Lift International demand for U.S. grain declines after war - prices drop by 40% or more Farmers boost production to sell more; prices drop further Farm income declines; farmers default on loans; rural banks fail Price-supports —government buys surplus crops, guarantees prices - Coolidge vetoes price-support bill 1 SECTION NEXT continued Economic Troubles on the Horizon Continued . . . Consumers Have Less Money to Spend People buy less due to rising prices, stagnant wages, credit debts
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continued Economic Troubles on the Horizon Living on Credit Many people buy goods on credit (buy now, pay later) Businesses give easy credit; consumers pile up large debts Consumers have trouble paying off debt, cut back on spending 1 SECTION NEXT Uneven Distribution of Income In 1920s, rich get richer, poor get poorer 70% of families earn less than minimum for decent standard of living Most cannot afford flood of products factories produce Chart
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Hoover Takes the Nation The Election of 1928 Democrat Alfred E. Smith —four times governor of New York Republican Herbert Hoover gets overwhelming victory 1 SECTION NEXT
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