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The Great Depression 1929-1939

The Great Depression 1929-1939. Jake Rubin Intro to Business Block 2. Causes of the Depression. Poor distribution of wealth Overextended stock and margin buying caused an unregulated stock market High tariffs drove domestic prices up

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The Great Depression 1929-1939

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  1. The Great Depression1929-1939 Jake Rubin Intro to Business Block 2

  2. Causes of the Depression • Poor distribution of wealth • Overextended stock and margin buying caused an unregulated stock market • High tariffs drove domestic prices up • Surplus of agricultural goods lowered prices and put farmers in debt • Consumer debt • Weak Banks • Money stopped circulating

  3. Effects of the Depression • Widespread hunger and poverty • Unemployment rates were at 25% • Worldwide economic crisis • Drastic lifestyle change • Farm losses • Caused Democrat Franklin Roosevelt to be elected first in 1932 • Employment of FDR’s New Deal

  4. New Deal : Relief • Relief tended to the countries immediate needs • Agricultural Adjustment Act (AAA) paid farmers NOT to grow crops or raise livestock to end the surplus and raise agricultural prices • Emergency Bank Relief Act (EBRA) inspected banks to make sure they were sound enough to reopen following the “bank holiday”. If they were not sound then they were given a loan. • Works Progress Administration (WPA) gave jobs to painters, musicians, poets, etc, who could not find work

  5. New Deal: Recovery • Recovery plans were to end the Depression • National Recovery Act (NRA) gave some rights to Unions to bargain with businesses by fixing the prices of goods, setting minimum wages, establishing 40 hour work weeks, and set up Labor Board • Public Works Administration (PWA) created new jobs to help rebuild city infrastructure to improve living conditions. • Civilian Conservation Corps (CCC) provided jobs for young men improving public parks and other conservation projects. This created more jobs while reducing competition for jobs in the city

  6. New Deal: Reform • Reform was to prevent another Depression • Federal Deposit Insurance Corporation (FDIC) helped protect banks and investors by insuring accounts and increased confidence in the bank system • Securities and Exchange Commission (SEC) was created to regulate the stock market for future investors and insure confidence in the stock market again • Social Security was originally established as a reliefprogram for the elderly, but today it has been adapted to a pension program

  7. Famous Novels of the Depression • During the Dust Bowl period of the Depression, when drought hit the Great Plains, the lifestyle was captured by John Steinbeck in two novels • Grapes of Wrath is a story about a family of sharecroppers driven to California in search of jobs by the Dust Bowl • Of Mice and Men follows two mismatched ranch workers as they find work and money during the Depression

  8. Political Effects • Republican Herbert Hoover came into office in 1928 just before the stock market crash of ’29 • This caused Roosevelt to win the 1932 election by a landslide • Roosevelt gained so much favor that he was elected for four terms and served 13 years before he died

  9. The Depression Today • Pieces of the New Deal such as Social Security, the FDIC, and SEC are still helping the United States today • Roosevelt also started the national debt which actually boosted our economy • The debt remains today

  10. Bibliography • www.google.com (images and search engine) • http://www.bergen.org/AAST/Projects/depression/causes.html • www.wikipedia.com • http://www.indianchild.com/the_great_depression.htm • Mr. Chambers and his wonderful review packets

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