The Great Depression 1929-39. History of United States Economy Limited Intervention (to 1929)  Government intervened very little in the economy. Laissez-faire.

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Presentation transcript:

The Great Depression

History of United States Economy Limited Intervention (to 1929)  Government intervened very little in the economy. Laissez-faire capitalism  All the government did was maintain public order, develop laws, provide roads and education, etc.  Government did not spend a lot of money and taxes were kept relatively low. Most countries followed this model except the USSR Germany had already had a major depression as a result of the Treaty of Versailles ( ) The Dawes Plan (US Paid reparations for Germany) saved them BUT they stopped paying in 1929 because of the Great Depression.

Great Depression ( )  Tuesday October 29, 1929—Stock Market Crash  Stocks were bought on borrowed money  People tried to get their money back by selling stocks quickly  People went bankrupt  Individual consumption of goods decreased.  “Hoover-villes”  In 1932, Franklin D. Roosevelt, Democratic presidential candidate campaigned on “Relief, Recovery, Reform.” Roosevelt was elected.  New Deal ( )  “Hundred Days”  Congress enacted legislation to help alleviate the economic crisis.

Global Effects  Countries shut their borders to trade (protectionism - made it worse)  All countries faced with the effects of the Great Depression turned to government spending to alleviate the suffering  Canada saw R.B. Bennett (Conservative) establish the CBC and major make-work projects (lost the election in 1935)  Alberta elected the Social Credit who promised to make their own currency (illegal) and ATB  The depression bread extremist political views (Nazis, Fascists, Communists, etc...) everywhere – often elected into government.

How did it end?  Massive spending and WAR!  USA  : civilian spending programs  Made it illegal for civilians to have gold – seized it and put it in Fort Knox  1937: programs cut off and second depression results in the USA  1938: military spending and civilian spending programs

 Germany  Weimar Republic weak and facing polarization  1933: Nazis come to power and have massive military spending and civilian spending programs (Autobahn)  1938: seizes Austria, Czechoslovakia  1939: invades Poland – precipitates WWII  NOTE: they had no gold in their central bank and so captured a lot of it from other nations!