HISTORY LECTURE 213

Tests have been graded and grades were released last Thursday.
Tests will be returned after class; students are encouraged to take them home for future reference.
It is important to keep tests through the semester for proof of grades and for discussing errors during office hours.
It is noted that some questions will reappear on the final exam.

The current lecture is a continuation of the 1920s focus, transitioning into the Great Depression and the New Deal.
The following class will begin the discussion of World War II.
Students are reminded of the second document assignment due on Friday about a WWII training video, 'A Welcome to Britain.'

Calvin Coolidge, President through most of the 1920s, did not seek re-election in 1928. He was succeeded by Herbert Hoover, who won the Republican nomination and presidency against Democrat Al Smith.
Hoover was known as the "Great Engineer" for his accomplishments during WWI, namely organizing food supplies.
Hoover's campaign promised to maintain prosperity with catchy phrases like "a chicken in every pot, a car in every garage."
The economic boom of the late 1920s favored Hoover's chances; however, by 1929, the stock market crash (termed "Black Tuesday") dramatically altered the economic landscape.

The stock market crash is seen as a critical event prompting the Great Depression, although it wasn't the sole cause.
Speculation in the market rose, leading to unsound investments.
Iconic stories like that of Joseph Kennedy Sr. highlight the mass panic and rush to sell stocks when even common individuals were investing.
The repercussions were dire, with many losing their entire fortunes, contributing to widespread economic despair.
It is emphasized that various interconnected factors beyond the crash led to the sustained economic downturn of the Great Depression.

According to Burton Folsom, the Great Depression can be attributed to several significant long-term factors:
Financial Consequences of WWI: Germany's inability to repay its war debts burdened American banks, leading to significant financial losses.
Protectionist Policies: The Smoot-Hawley Tariff aimed to protect American industries but resulted in retaliatory tariffs from other countries, exacerbating economic woes.
Federal Reserve Failures: The Federal Reserve's inability to prevent bank failures deepened the crisis as banks struggled with solvency issues.

Hoover adopted a proactive approach compared to his predecessors, initiating multiple programs aimed at alleviating economic strain:
Smoot-Hawley Tariff: Intended to shield American industries, it was ultimately ineffective and worsened the depression.
Public Works Projects: Infrastructure spending, including the Hoover Dam, aimed to create jobs and stimulate the economy, but with limited success.

Hoover faced severe criticism during the depression, earning unflattering associations such as "Hoover flags" for empty pockets and "Hoovervilles" for shantytowns.
He struggled in the face of rising discontent, leading to an uphill battle in the 1932 elections against Democratic challenger Franklin Delano Roosevelt (FDR).

Roosevelt emerged from a privileged background but sought a political career, influenced by progressive ideals.
He held significant positions, such as Assistant Secretary of the Navy during WWI, before facing personal challenges with polio in the 1920s, which left him dependent on crutches or a wheelchair.
His tenure as Governor of New York paved the way for his presidential nomination amid a general discontent with Hoover's administration.

FDR won the 1932 presidential election decisively, reversing a long Republican reign by advocating for change.
In his inaugural address, he stated, "The only thing we have to fear is fear itself," conveying confidence to a nation in turmoil.
FDR utilized his excellent communication abilities and the emerging medium of radio to reach Americans directly, employing "fireside chats" to discuss plans and reassure the populace.

The New Deal encompassed a series of legislative efforts aimed at resolving the economic crisis, characterized by a wide range of acronyms representing various programs instituted by the Roosevelt administration.
These programs, often referred to as "alphabet soup agencies," reflected a willingness to experiment with different methods of economic recovery.
Central to many of these policies was the theory of Keynesian economics, advocating for increased government spending to stimulate the economy, even at the expense of running deficits.

The discussion will cover notable New Deal programs:
National Recovery Administration (NRA): Encouraged industries to cooperate in establishing wage and price standards to combat deflation but faced constitutional challenges.
Agricultural Adjustment Administration (AAA): Aimed to assist farmers through subsidies and reducing crop production to raise prices but raised ethical concerns over food destruction amidst widespread hunger.

Upcoming lectures will delve deeper into the specifics of the New Deal programs, addressing their intended goals and outcomes, alongside the criticisms that they faced.
The complexities of the economic recovery process during the Great Depression will be explored further.