The Great Depression.

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The Great Depression

Causes of the Great Depression Uneven distribution of wealth Over-speculation on stocks Crop surplus Over-extension of consumer credit Foreign Economic Crisis

Uneven Distribution of Wealth 5% of Americans earned 33% of the nation’s income Working class Americans did not have that much money to spend Americans like J.P. Morgan remained wealthy while others lost everything they had worked to save. Inflation Calculator BACK

To test your skills on the stock market, click here. Buying on the margin – 10% of the stock was paid for and the remainder was bought on credit Black Tuesday (1929) – people started selling their stocks and many people lost as much as ten times their original investments People hurried to the banks to try to save as much money as possible causing an even bigger economic panic BACK To test your skills on the stock market, click here. Stock Simulation

Plight of Farmers Farmers produced surpluses of crops during WWI to feed the troops in Europe They borrowed money to buy more equipment and increase production Demand dropped and banks called in loans Drought hit the Midwest BACK

Consumerism Americans started buying refrigerators, cars, vacuum cleaners, radios, and stocks on credit Advertising and increasing production of consumer goods enticed Americans to buy now and pay later BACK

World Economy Allies owed the U.S. $10 billion after WWI U.S. was insistent on being paid Dawes Plan of 1924: U.S. banks loaned money to Germany so that they could pay reparations Hawley-Smoot Tariff of 1930 increased tariff rate to 38.5% nearly halting international trade BACK

LINKS http://www.amatecon.com/greatdepression.html http://memory.loc.gov/ammem/fsowhome.html http://www.gusmorino.com/pag3/greatdepression/index.html http://lcweb2.loc.gov/ammem/ndlpedu/features/timeline/depwwii/depwar.html http://americanhistory.about.com/od/greatdepression/ BACK