33 The Great Depression

These flashcards cover significant aspects and causes of the Great Depression as discussed in the lecture.

What event is often mistakenly seen as the start of the Great Depression?

The stock market crash in October 1929.

What was a primary cause identified for the Great Depression?

America's weak banking system.

Why did farmers struggle during the 1920s leading up to the Great Depression?

Overproduction, low prices, and debt from mechanization.

What did the Federal Reserve do during the Great Depression?

It failed to rescue banks and infuse money into the economy.

Who published 'The General Theory of Employment, Interest and Money'?

John Maynard Keynes.

What was the Hawley-Smoot Tariff?

A law that raised tariffs to protect American industry, worsening global trade.

What social condition characterized the Great Depression in America?

Massive unemployment and hardship.

What did Hoover do in response to the worsening Depression?

Created the Reconstruction Finance Corporation for emergency loans.

How did deflation impact businesses during the Great Depression?

Falling prices led to layoffs and reduced consumer purchasing power.

What was the President's Organization on Unemployment Relief?

A program initiated by Hoover to encourage private charity for the unemployed.