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Published byColeen Wilkinson Modified over 6 years ago
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President Hoover ESSENTIAL QUESTION: Why was Herbert Hoover unable to cope with the Great Depression?
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TEKS and Objectives We will… I will…
(16C) analyze the effects of the Great Depression Evaluate President Hoover’s actions during the Great Depression Summarize the Causes and Effects of the Great Depression through a simulation
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Hoover’s Philosophy “Rugged Individualism” Laissez-Faire Economics
Idea that Americans are tough and will work through their problems without help Giving $$ to unemployed undermined American work ethics/reduced incentive to work Laissez-Faire Economics Not government’s job to fix economy or give charity Believed low prices consumers resume buying increase production more jobs
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Leading Experts Were Wrong
Lack of aggregate (total) demand Americans could not buy goods no matter how cheap Federal Reserve Reduced money supply making things worse
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Hoover Finally Responds
Hoover’s Reforms Cut taxes Increased federal spending on public projects Bought surplus farm crops Reconstruction Finance Corporation Gave emergency loans to banks and businesses (“trickle down effect”)
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Too Little, Too Late: Effects of the Depression
Business Failures 100,000 failed businesses between High Unemployment Reached 25% (13 million) “Hoovervilles” Shanty towns for homeless People lived in makeshift shacks
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