Depression and the New Deal - USA 1929-41

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Depression and the New Deal - USA 1929-41
1 How serious was the Depression for the American people?
1.1 Background
1.1.1 Import and export Tariff war Other countries raised tariffs to protect own economies Gold Standard Links exchange rate of a country's currency to the amount of gold in that country. Countries abandoned Gold Standard because exchange rates were ridiculously high Helped foreign economies by making American goods more expensive Damaged USA's economy Pound fell from $4.86 to $3.50
1.1.2 Collapse of business and industry US exports fell - $10bn in 1929 to $3bn in 1932 Industrial production fell 40%, 1/3 of farmers lost their farms Sales fell 50%, wages 60% Unemployment rose from 1.6m in 1929 to 12.1m in 1932 (2.3% fo the workforce to 23.6%)
1.1.3 Timing Key weaknesses in economy Overproduction Unequal distribution of wealth Tariff policy Financial speculation
1.1.4 Indebtedness of the economy Shares had been bought 'on the margin' Businesses which had lost money sacked people They defaulted on loan payments Banks went bankrupt Banks called in loans, especially overseas American depression became global depression Global imports fell from $125bn in 1929 to $35bn in 1933 Other countries were dependent on American loans 1924-1928 $6bn lent abroad
1.2 Human effects of the Depression
1.2.1 Unemployment Reached 25% in 1933 Black people hit worst In Charleston on 1931, 70% of black people of working age were unemployed. It was 75% in Memphis. Many people became hobos.
1.2.2 Homelessness No dole payments In 1932, 1/4m people became homeless Set up shanty towns called 'Hoovervilles'
1.2.3 The Bonus Army The army had been promised a 'bonus' in 1945 after WW1. In 1932, 20,000 war veterans set up a Hooverville outside the White House to protest against the governmen's refusal to pay up front. Troops used tanks and tear gas to clear them, and killed 2 About 1000 injured
1.2.4 Help from charities Al Capone provided food in Chicago Soup kitchens, bread kitchens, or cheap food centres
1.2.5 Farmers Because no-one was buying, prices dropped so low it wasn't profitable to harvest 1930 dust bowl due to overfarming Many moved to California
1.2.6 Limits to the Depression Empire State Building - 1931 Hoover Dam -1936 Golden Gate Bridge - 1937 'New Industries' prospered
1.3 Hoover and the Depression
1.3.1 The 1932 presidential election
1.3.2 Rugged Individualism Hoover did, however, try to help 1930 - taxes cut 1932 - Emergency Relief Act to help unemployed
2 How did Roosevelt deal with the Great Depression?
2.1 The New Deal
2.1.1 The 'Hundred Days'
2.1.2 Ending the banking crisis
2.1.3 Agriculture
2.1.4 Industry
2.1.5 Unemployment
2.1.6 The young
2.1.7 Other measures of the New Deal
2.1.8 The Tennessee Valley Authority
3 How far was the New Deal successful in ending the Depression in the USA?
3.1 Opposition to the New Deal
3.1.1 The Supreme Court
3.1.2 More opponents
3.2 The Second New Deal
3.3 Was the New Deal a success?
3.3.1 The Second World War
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