1929 - 1941. Great Depression Economic disaster that hit the United States following the stock market crash of 1929 It involved widespread business failure.

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The Great Depression Economic Disaster ( )

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Presentation transcript:

Great Depression Economic disaster that hit the United States following the stock market crash of 1929 It involved widespread business failure and massive unemployment

Causes of the Great Depression

Cause #1 1.Over speculation on stocks Stocks bought on margin – part cash/part credit Loans could not be repaid after Stock Market Crash People’s homes repossessed

Cause #2 2. Black Tuesday October 29,1929 Stock Market crashed 16 million shares traded (daily average 4 million) Many businesses instantly went bankrupt

Cause #3 3. Failure of Federal Reserve Failed to supply banks with enough money to prevent the banking system from collapsing Caused Americans to lose their savings

Cause #4 4. Smoot-Hawley Act Put high tariffs (taxes) on imported goods to force people to buy American products Other countries placed retaliatory tariffs on American products These actions stopped world trade and caused businesses to fail

Impact of the Great Depression

Unemployment & Homelessness 25% of Americans unemployed Hoovervilles – neighborhoods of homeless people; named after President Herbert Hoover

Businesses Failed Surviving businesses had to cut wages and fire most employees Labor unions became militant

Businesses Failed Demanded companies rehire workers

Collapse of Financial System Banks did not have any money for people to borrow Federal Reserve did not have money to loan banks so they could stay open

Farm Foreclosures and Migration Dust Bowl – farm area of U.S. which experienced a drought in 1920’s and 1930’s Farmers went bankrupt and couldn’t pay bank loans

Farmers moved west to California to work on fruit farms

Political Unrest Bonus Army – 20,000 WWI veterans marched on Capital demanding pension payments

Political Unrest People demanded government do something to create jobs and generate money