4.26.11 The Great Depression

4.26.11 The Great Depression - G Causes of “The Great...

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The Great Depression Position of the U.S. in the post-World War I Era A. 1920’s: “The Roaring Twenties” a. a decade of prosperity and excess- But also, a decade of disillusionment, discrimination, and depression b. A return to “Normalcy” i. Conservative ii. Pro-Business iii. Republican B. Warren G. Harding (election in 1920) a. Much corruption and scandal b. “Warren, if you were a woman you’d be pregnant all the time.” – Warren’s mother c. Died in office, 1923 C. Calvin Coolidge (Elected in 1924) a. “Keep cool with Coolidge” b. “Calvin Coolidge is dead?” – “How can you tell?” – Dorothy Parker D. Herbert Hoover (elected in 1928) a. “The great engineer” b. “The Great Humanitarian” E. Herbert Hoover (1929 – 1933) a. “In no nation are the fruits of accomplishment more secure.” (Inauguration) F. Hoover’s Main Principles:
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a. Individualism, self-help, laissez faire government interference (action): “Destroys initiative and destroys character.”
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Unformatted text preview: G. Causes of “The Great Crash” (Oct. 29, 1929) a. Rise of “Consumerism” i. Increasing income during the 20s ii. Advertising iii. availability of “easy” personal credit iv. “Installment Buying” b. Over-Speculation in the stock market i. “Buying on Margin” 10% c. Problem of surplus, not of scarcity: i. Overproduction (agricultural/Industrial) ii. Declining prices for AG commodities iii. Increasing debt iv. Consumer Under-Consumption v. Stagnant Wages d. Distorted distribution of Wealth: i. Income of the 24,000 richest families 3 times greater than the poorest 6,000,000 families e. Oligopolies- Market domination by a few suppliers (Neo-Monopolies) f. Pyramid-Like Financial Structure i. “Vertical” and “Horizontal” expansion g. Corporate speculation in the stock market: i. Industrial and commercial concerns, banks, insurance companies, etc...
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