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The Great Depression
Transcript of The Great Depression
1. The Stock Market Crash of 1929
2. Bank Failures
3. Reduction in Purchasing
4. Drought conditions Family life during the Great depression was hard money was scarce and they had to make due with what they had. The average monthly income fell to $1,500 in 1933 down from $2,300 in 1929. Over 200,000 people lost their homes in the start of the depression and traveled across the great American highways. Children in the Great Depression This catastrophe intensified the economic impact of the Great Depression. The dust bowl consisted of severe dust storms causing both major ecological and agricultural damage to America. Millons of acres of farmland were damaged and As a result of the Great Depression, world trade sharply decreased in almost all European nations. hundreds of thousands of people were The decrease in export demand brought on by the Great Depression plunged many nations dependent on agricultural and industrial commodities, such as Australia, into economic crisis. forced to leave their homes. Women had to make ends meet and had to be creative. Planting gardens to save on food and buying necessary items on a budget were some ways to save money. Women who were married had to quit their jobs and become house wives rather than trying to support their families. Japan was, compared to other nations, only mildly affected by the Great Depression as their economy only shrank by 8%. Although divorce rates decreased, many husband left their wives and families looking for jobs or running away from their problems. He believed in...
-laissez-faire policies (the government not intervening)
-charities such as the Red Cross and Salvation Army When they weren't working, families found time to have fun, with neighbors, friends, relatives and each other. Hunger strikes became prevalent in the 1930s in nations such as Britain and the United Kingdom. Families enjoyed new board games such as "Monopoly" and "Scrabble" which were first sold during the 1930s. More Worldwide Effects Playing baseball, hide-and-go-seek, and getting into mischief became very popular during the Great Depression. He did not support government programs because of...
-the power the government would gain Hoover created the Reconstruction Finance Corporation
-low interest loans for businesses and governments How the People Responded People disliked Hoover and believed he did "too little, too late." Places the Dust Bowl Affected Citizens believed he only helped the businesses and not the people themsleves. The homeless created "Hoovervilles," little shacks cronstructed of wood and crates, across America to show Hoover that he was not helping. The Great Depression caused an increase in crime as unemployed workers resorted to petty theft in order to provide for their families. 4. How did did the women's role change during the Great Depression? Universities shrank in size as fewer Americans could afford higher education during the 1930s. National Industrial Recovery Act:
-set prices, minimum wage, and working hours with multiple businessess
-granted workers with the right to form unions Divorce rates dropped during the Great Depression as many citizens couldn't afford lawyers. Marriages were also delayed so that the husband might find a job before starting a family. Hoover's Policies Continued Hoover believed that high wages resulted in prosperity, so he asked businesses not to cut wages. The result, however, was the exact opposite: higher unemployment. Also, he signed the well-known Smoot-Hawley tariff in 1930:
-greatly increased tariffs on goods
- highest in U.S. history
-resulted in downfall of international trade
-added to the worldwide economic depression Along with tariffs, Hoover raised taxes significantly, resulting in the highest peacetime tax increase. WWI veterans (Bonus Army) wanted to collect their $1,000 that they were promised at Washington. Hoover kicked them out using military and tanks. First, Roosevelt called for "Hundred Days"
- called for a four day national banking holiday
-gained permission from Congress to reopen the banks under certification by the government declaring they were sound. Roosevelt proposed the New Deal:
-programs to put a stop to the depression
-provide emergency assistance to the needy
-raise wages and prices Increased employment though:
- Works Progress Administration (WPA): provided jobs for skilled laborers and others like writers or actors -Public Works Administration (PWA): provided jobs through the contruction of buildings, highways, etc. -Civialian Conservation Corps (CCC): provided employment to men on conservation projects Roosevelt's Policies Continued Agricultural Adjustment Act (AAA):
-limited the acreage of certain crops and livestock
-reduced capital to lower prices Securities and Exchange Commission:
-created to regulate the stock market
Social Security Act (1935):
-provided unemployment insurance and old-age pensions US Housing Authority:
-increased funds to cities in order to replace the slums with housing affordable to low-income families How the People Responded The people approved Roosevelt's effort to end the depression, and epecially liked his "fireside chats," through which he explained his new policies. Americans belived he had solved the problem of the depression due to his programs that directly aided the people in need. Roosevelt was so popular and favored by the people, he was elected into a third term (the only president to do so). The New Deal had succeeded and brought America out of the depression through lowering prices, increasing jobs, and saving the banks by insuring them and deposits (FDIC). The Stock Market Crash of 1929 Also known as "Black Tuesday" which occured on October 29, 1929. It is the most devestating stock market crash in the history of the United States. In three days over $50 billion dollars worth of market capitalization had been erased from stocks that were trading with the New York stock exchange 2. What was the significance of Hoover leaving most of the responibility to help the people with charities and nonprofit organizations? 3.In what ways were Roosevelt and Hoover's policies different? Why do you think Roosevelt's worked so much better? 1. What factor do you think contributed the most to the beginning of the Great Depression? 5. How did the Great Depression affect higher education in the United States?