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Great Depression
Severe worldwide economic downturn starting in 1929.
Consumer Spending
Increased spending in the 1920s masked economic issues.
Black Tuesday
October 29, 1929, stock market crash initiating depression.
Income Distribution
$2,500 annual income needed for decent living.
Buying on Margin
Borrowing money to purchase stocks, increasing risk.
Overproduction
Excess goods produced, leading to unsold inventory.
Under-consumption
Decline in consumer demand for products.
Weak Industries
Traditional sectors struggled against new competition.
Depressed Farming
Post-WWI agricultural decline caused crop price drop.
Credit Usage
Americans lived beyond means, accumulating large debts.
Uneven Wealth Division
70% of Americans considered poor despite rising wages.
Stock Market Speculation
Investors gambled on stock prices without regulation.
Bank Failures
600 banks collapsed in 1929 due to insolvency.
Foreign Trade Decline
Post-war debts and tariffs limited international commerce.
Consumer Confidence
Loss of jobs led to reduced spending behavior.
Unemployment Rate
Peaked at 25% during the Great Depression.
Dust Bowl
Severe drought worsened economic conditions in the 1930s.
Hoovervilles
Shantytowns for homeless Americans during the depression.
Reconstruction Finance Corps
Government agency loaning money to struggling businesses.
Soup Kitchens
Charities providing food for the needy during depression.
Mortgage Foreclosures
Many families lost homes due to inability to pay.
Cultural Differences
Rural vs urban lifestyles shaped societal views in 1920s.
Government Response
Hoover's initial reluctance to intervene in the economy.
Volunteerism
Hoover's call for community support during the crisis.
Economic Recovery
Americans sought new leadership for effective solutions.
Global Depression
The U.S. downturn triggered worldwide economic issues.
