1Causes of the Great Depression (7)
Wall Street Crash, under consumption, over production, weather, failing banks, problems in Europe, American goods
2Causes of the Wall Street Crash (2)
market relied on confidence of investors - weakened, bull pools encouraged inexperienced investors to speculate - artificial market growth
3Wall Street Crash effects
mid November - shares lost 26 billion in value, issue of liquidity - banks closed so businesses couldn't get loans and people lost savings
4Causes of the Great Depression: under consumption (2)
71% on low incomes, once people had bought luxury items they wouldn't keep buying
5Causes of the Great Depression: over production (3)
10 times as many tractors in 20s than in 1915, rayon, prohibition
6Causes of the Great Depression: weather (2)
1930-31 severe drought across great plains, dust storms began in 1932 - made land unusable
7Causes of the Great Depression: failing banks (2)
20% failed, when New York banks failed - 400,000 lost savings
8Causes of the Great Depression: problems in Europe
US lent allies money in WWI but they could not pay back - used US loans to pay off debt - had little money to buy American goods
9Causes of the Great Depression: American goods
counter tariffs, international trade 1929 - 36 billion, 3 years later - 12 billion
10Impact of Great Depression on industry (3)
manufacturing wages cut by 50%, 70,000 factories shut down by 1933, Ford sacked 1/2 Detroit workers
11Impact of Great Depression of agriculture (4)
prices 60% below 1929 level at lowest point, farmer earnings fell from 6 billion to 2 billion, couldn't pay mortgages - 1/3 lost land, dust storms - 1 million left Great Plains - 'Okies'
12Impacts of Great Depression: unemployment (3)
100,000 applied for jobs in USSR, suicide rate increased by 14% 1929-31, 24.9% unemployment 1933
13Impacts of Great Depression: disadvantaged groups (3)
1/2 black women lost jobs, elderly couldn't afford retirement - only 11 states had pension schemes, 40,000 joined 'Black Shirts' against black people in work
14Impacts of Great Depression: homelessness (3)
over 1 million men moved around in search of work, 1931 NYC gov had to try and find accomodation for 20,000 kids, rent parties - usually held by black Americans a few days before rent due
15Impacts of Great Depression: Hoovervilles (2)
shanty towns, Seattle - Jesse Jackson declared himself mayor of the Hooverville
16The bonus marchers (3)
WWI vets promised $625 bonus in 1945, marched on Washington, 5,000 refused to go home
17Bonus marchers government response (3)
Congress agreed to pay for their journies home, sent police - 2 vets killed, sent army - 100 injured and 1 child killed
18Hoover's beliefs (3)
volunteerism, self-reliance, laissez-faire
19Hoover's actions: banks
$2 billion provided by gov to rescue banks - criticised for helping banks not people
20Hoover's actions: farms
Hawley-Smoot Tariff raised prices on foreign food by 40% - other nations just did the same
21Hoover's actions: industries
National Business Survey Conference meeting of 400 business executives - made promises - broken as depression worsened
22Hoover's actions: unemployment
doubled federal spending of public works eg Grand Coulee Dam - federal spending was $210 million 1930, states spend around $2 billion a year