ATAR Modern History - The Great Depression (copy)

- Dates Great Depression - Short and long-term factors that led to the Depression - Hoover and his responses to the Great Depression - particularly for farmers - Rugged Individualism - Impacts of the Great Depression - social, economic - Impacts Great Depression on groups - farmers, workers

Great Depression Dates

Great Depression Dates

• Start: October 29, 1929 (Black Tuesday - Stock Market Crash triggered)

• End: Late 1930s to Early 1940s (End marked by World War II)

Short and Long-Term Factors Leading to the Depression

• Short-term: Stock Market Crash, Bank Failures, Sudden Loss of Consumer Confidence

• Long-term: Uneven Wealth Distribution, Overproduction, Agricultural Surpluses, Protective Tariffs

Hoover and His Responses to the Great Depression - Particularly for Farmers

• Hoover's Response: Established Reconstruction Finance Corporation (RFC) for Financial Relief, Federal Farm Board to Stabilize Agricultural Prices

• Agricultural Policies: Imposed Protective Tariffs to Shield American Farmers, Initiated Farm Relief Programs

Rugged Individualism

• Concept: Stressed Self-Reliance, Belief in Individual Initiative and Responsibility

• Hoover's Philosophy: Encouraged Local Solutions, Voluntary Efforts Over Direct Government Intervention

Impacts of the Great Depression - Social, Economic

• Social Impact:

  • Unemployment Soared to Approximately 25%, Resulting in Financial Desperation for Families

  • Homelessness Became Prevalent, with Makeshift Shantytowns (Hoovervilles) Emerging

  • Poverty Escalated, Leading to Malnutrition, Health Decline, and Strain on Social Services

• Economic Impact:

  • Gross Domestic Product (GDP) Experienced a Drastic Decline, Plunging the Nation into Economic Turmoil

  • Bankruptcies Skyrocketed, Banks Collapsed, and Financial Institutions Struggled to Survive

  • Prices Plummeted, Triggering Deflationary Pressures and Making It Challenging for Businesses to Sustain Operations

Impacts of the Great Depression on Groups - Farmers, Workers

• Farmers:

  • Foreclosure Rates Surged as Agricultural Prices Plunged, Forcing Many Farmers Off Their Land

  • Crop Surpluses Led to Sharp Declines in Prices, Resulting in Financial Ruin for Countless Farming Families

  • Widespread Bankruptcies Occurred in the Farming Sector, Exacerbating Economic Hardships

• Workers:

  • Unemployment Rates Soared, Leaving Millions Jobless and Struggling to Make Ends Meet

  • Wages Decreased Significantly, Placing Further Financial Strain on Working Families

  • Labor Strikes Became Common as Workers Demanded Improved Working Conditions and Fairer Wages, Often Leading to Tensions Between Employees and Employers