An Economic View of the Great Depression

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Presentation transcript:

An Economic View of the Great Depression AIM: What were the Social, Economic, and Political causes & Effects of the Great Depression? Do Now: Quiz – 5-7 Minutes Mr. Ott @ BETA – 2011-12

What makes a Depression Great? Recession: When your neighbor loses his or her job. Depression: When you lose your job.

Why study the Great Depression? Worst economic disaster of the 20th century. Cause or causes are still debated. A defining event, especially for the government’s involvement in the economy.

Some Concepts Gross Domestic Product (GDP): Comprehensive measure of the nation’s output of final goods and services. Recession: Sustained decline in real GDP (approximately two quarters – 6 months). Officially declared by Government Depression: Very severe recession. Inflation: A sustained increase in the general price level (often calculated in terms of the Consumer Price Index (CPI)). Deflation: A sustained decrease in the general price level.

How Great was the Great Depression? GDP fell 29% from 1929 to 1933. Unemployment increased to 25% of labor force. Consumer prices fell 25%; wholesale prices 32%. Some 7000 banks failed.

STRUCTURE OF AMERICAN SOCIETY DISINTEGRATES Factories and mines close Banks are worthless Consumer buying comes to a standstill

1932 – AMERICAN DREAMS ARE SHATTERED 14 million Americans are jobless (almost 1/3 the workforce) Banks foreclose on houses and farms No food, no clothes, no jobs Recycled lifestyle

Collapse of world trade – globalization in reverse Monetary collapse Why Did It Happen? Some Suggested Causes The stock market crash – end of the party Collapse of world trade – globalization in reverse Monetary collapse Bank Failures

Bonus Army WWI veterans who were promised a $ bonus in 1945, Veterans want it NOW (1932), Why? Veterans go to Washington and “camp out” Set up camps known as “Hoovervilles” Hoover sends in Army (Eisenhower, MacArthur), used tear gas, machine guns, and burned the camps down

Hooverville in Seatle, WA

Hooverville in Central Park

Family walking 30 miles to visit other family members

Homeless family walking down a road during The Great Depression

Sharecropper wife & children during The Great Depression

Loss of farms during The Great Depression

Auctioning off a farm during The Great Depression