Causes of the Great Depression

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Presentation transcript:

Causes of the Great Depression Chapter 8 Section 1

Lecture Focus Question #1: How did the prosperity of the 1920s lead to the Great Depression? 3-4 sentence response!

Optimism Sweeps America 1920s: times were good in America Presidents took credit for prosperity Hoover elected 1928: prosperity expected to continue “a chicken in every pot, a car in every garage”

Problems Plague Farmers Farmers suffered economically during 20s Contracted huge debt during WWI Large decline in demand for crops Farms still yielded bumper crops but failed to sell Result: farmers in debt, no cash, lived on credit

Wealth & Credit Corporate profit skyrocketed → rich got richer Workers simply became less poor Yearly income of worker: $2,000 / year Yearly income of wealthy: $100,000 / year Result: nation’s wealth unevenly distributed 95% of Americans controlled 5% of $ 5% of Americans controlled 95% of $ Expansion of credit hid this problem

Black Tuesday → Great Crash Stock Market Crashes Boom and bust economy Over-speculation in the 20s + Overproduction of goods in the 20s = 1) Confidence in stock market drops 2) Stock prices drop slightly 3) Stock brokers and banks start calling in loans Black Tuesday → Great Crash Great Crash = Stock Market Crash of 1929

The Great Depression Begins Panic spread, people rushed to withdraw $ Banks forced to close → unable to give depositors their $ Businesses closed, unemployment  Hawley-Smoot Tariff: Hoover’s failed attempt to protect U.S. goods from foreign competition

The Depression Goes Global

What Caused the Depression? Great Crash = Overspeculation + Overproduction + overuse of credit Great Depression = high unemployment + uneven distribution of wealth + high amount of personal debt

Lecture Focus Question #1: How did the prosperity of the 1920s lead to the Great Depression? 3-4 sentence response!