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The 1930s. The Great Depression. The Stock Market Crash. Black Thursday – October 24,1929 Interest rates up Investors sold shares Prices of stocks plunged Black Tuesday – October 29,1929 Prices dropped to an all-time low Investors sold over 16 million shares of stock

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The 1930s

The 1930s

The Great Depression


The stock market crash
The Stock Market Crash

  • Black Thursday – October 24,1929

    • Interest rates up

    • Investors sold shares

    • Prices of stocks plunged

  • Black Tuesday – October 29,1929

    • Prices dropped to an all-time low

    • Investors sold over 16 million shares of stock

  • To cover loans, investor HAD TO sell stock for huge loses.



  • The depression begins
    The Depression Begins

    • Late 1929 – 1933 the US economy sank

      • GNP in 1929 = $103 billion; 1933 = <$56 billion

      • Incomes were cut in ½

      • Factories, RRs, businesses were shut down

      • Millions were unemployed

  • 1930 – 1932 over 5000 banks failed

    • No incoming funds

    • People panicked and withdrew their savings

    • Customers lost life-savings


  • What caused the great depression
    What Caused the Great Depression?

    • Global Economic Downturn

      • US put high tariff on imported goods

      • Smoot-Hawley Tariff of 1930

  • Debt – economic practices of the 20s created long-term problems

    • Credit

    • Interest rates increased

    • Margin Buying (see next slide)


  • Margin buying
    Margin Buying

    • Margin buying: when a stock buyer pays for a stock with a down payment and takes a loan out for the remainder of the price

    • The buyer hopes to sell the stock when it increases in price

    • The buyer will then pay back the loan and make money as well


    • Unequal Distribution of Wealth

      • The richest 1% of the population’s income grew by 63%, the poorest 93%’s decreased by 4%

      • Majority had no buying power

  • Overproduction

    • Natural business cycle creates recession, depression



  • The 1930s1

    The 1930s

    Effects of the Great Depression


    Employment trends
    Employment Trends

    • ¼ of the work force lost their jobs.

    • Wages fell dramatically

    • Immigration to te US decreased

    • Blacks suffered first; 25-40% of Af Ams had no jobs by 1933

    • The % of women in the workforce increased


    Life in the city
    Life in the City

    • Federal Government did little; Aid came from:

      • Local governments

      • Charitable organizations (Red Cross)

      • Neighbors

  • Food Shortages

    • Breadlines

    • By 1932 1 of 5 kids in NYC were malnourished

      • Long-term effects: stunted growth, weak bones, dental problems


  • Photograph of a Breadline in New York City During the Great Depression

    Depression: Breadlines: long line of people waiting to be fed: New York City: in the absence of substantial government relief programs during 1932, free food was distributed with private funds in some urban centers to large numbers of the unemployed. (Circa February 1932)


    • Homelessness

      • Shantytowns were built outside city

      • Blaming Hoover, they became known as “Hoovervilles” and newspapers they slept under were “Hoover Blankets”


    Life on the farm
    Life on the Farm

    • Farmers of the Midwest had SURPLUS

      • Crops were rotting in the fields

      • Had to slaughter cattle because could afford to feed

      • Banks foreclosed many farms

        • Neighbors would help – at auctions they would buy equipment at very low prices ($.25 for a plow)


    • Tenant farmers from the South suffered from lack of food b/c poor soils, no $

    • Migrant workers in the SW were forced to return to Mexico

      • In the 1930s, 500,000 returned to Mexico

      • If stayed faced severe discrimination, poor working conditions




    The 1930s2

    The 1930s

    Daily Life


    Family life
    Family Life

    • Some families united

      • Shared food and $

      • Doubled up in homes

      • Young adults moved back in with parents

  • Other families broke apart

    • Divorce rates ↓

    • Birth rates ↓

    • Marriages were delayed

    • Suicide rate ↑ (28% more in ’32 than ’29)

    • Abandonment ↑ (1.5 million were left along)



  • Popular culture
    Popular Culture together

    • Inexpensive pastimes were popular

    • Movies

      • Survival was the theme; gangster, women were often the main characters

      • Musicals

      • Comedians: Marx Brothers

      • Cartoons: Mickey Mouse and Donald Duck


    http://www.lambiek.net/artists/d/disney/mickey_postcard2.jpg together

    http://www.loc.gov/exhibits/bobhope/images/vcvg25.jpg


  • Literature

    • Magazines, comic strips presented heroes: Tarzan, Superman

    • Reader’s Digest was the #1 selling mag.

    • Novels were escapist and reality

  • Baseball – open to page 681 of OLD BOOK


  • http://www.redboots.net/comics/powers_costume.htm together

    http://www.redboots.net/comics/supe_history.htm



    The 1930s3

    The 1930s together

    Hoover’s Failures


    Hoover s philosophy
    Hoover’s Philosophy together

    • Did not believe in direct federal relief. It created:

      • Vast bureaucracy

      • Large federal budget deficit

      • Low self-respect

  • Rugged Individualism = relief comes from individual effort and private enterprise

    Why it failed? Put the burden on local communities and private enterprises

    3. Committee for Unemployment Relief (1930)

    Why it failed? Just urged Americans to donate to charity


  • Boosting the economy
    Boosting the Economy together

    • Hoover did have a more active role in stimulating the g’vt than the Republican presidents

    • White House Conference

      • Mtg of top business, labor, and political leaders; Hoover asked them to maintain employment, wages

      • Gave optimistic statements

        Why it failed? All talk, no change…


    Hoover s programs
    Hoover’s Programs together

    • $800 million Public Works Programs

      • Hoover Dam

      • stimulate economy

      • make jobs

  • Programs to help Farmers

    • Agricultural Marketing Act of 1929

      Why it failed? Farmers refused to produce <

    • Home Loan Bank Act of ’32



  • Strikes
    Strikes together

    • Rural Violence

      • Used violence to scare away foreclosure officials

      • Destroyed crops and blocked

  • Bonus Army

    • WWI veterans went to Washington, D.C. to support the “Bonus Bill” and get $ early

    • Congress vetoed the bill

    • Men stayed

    • Army was sent in to remove veterans

    • The nation’s hatred for Hoover increased


  • The 1930s4

    The 1930s together

    The New Deal: Restoring the Hope


    1932 election
    1932 Election together


    Fdr s leadership was encouraging
    FDR’s leadership was encouraging together

    • Promised government activism

    • He had an optimistic personality when delivering his 16 fireside chats

    • > 450,000 letters were sent to the White House w/in weeks; an average of 5-8000 /week throughout the 30s.


    Hundred days
    Hundred Days together

    • Immediately after taking office FDR called Congress into session.

    • Over the next 100 days they passed 15 pieces of legislation.


    1 st concern the banking crisis
    1 togetherst Concern: The Banking Crisis

    • March 6, 1933, FDR declared a bank holiday

    • The Emergency Banking Act, March 9

    • Federal Deposit Insurance Corp., June 1933


    Farmers
    Farmers together

    • Farm Credit Administration, March 28

    • Home Owners Loan Corp. (HOLC)


    Unemployment
    Unemployment together

    • Federal Emergency Relief Administration (FERA), May 1933

    • Civil Works Administration (CWA)

    • Civilian Conservation Corps (CCC), 1933


    Economic recovery
    Economic Recovery together

    • National Industrial Act (NIRA)

      • Public Works Administration (PWA)

      • National Recovery Administration (NRA)

  • Tennessee Valley Authority (TVA), May 1933


  • 1936 election
    1936 Election together


    Fdr s new deal
    FDR’s New Deal together

    • 1st New Deal Program (1933 – 1934)

      • Tennessee Valley Authority (TVA)

      • Public Works Administration (PWA)

      • Securities and Exchange Commission (SEC)

    • 2nd New Deal Program (1935 – 1938)

      • Works Progress Administration (WPA)

      • Social Security Act


    Legacy of the new deal
    Legacy of the New Deal together

    • Expanded the government

    • US became a “welfare state” (take care of the people)

    • Saw poverty as an economic problem

    • Supported the Arts


    The 1930s5

    The 1930s together

    Militarism in Japan


    Japan after wwi
    Japan After WWI together

    • Expanded territory

      • East Asia – Korea, Taiwan

      • China – Twenty-One Demands

      • Germany’s Pacific Islands north of the Equator

  • Third largest navy in the world

  • Bitter toward the West

    • Felt unequal.

    • 1924 - U.S. banned Japanese immigration.

    • The West did not support Japan’s policy in China.


  • Social political tensions rise
    Social & Political Tensions Rise together

    • Population Explosion

    • Rapid industrial growth created > need for raw materials; forced to look elsewhere.

    • Social and political changes bring problems.

      • Working class more important

      • Labor unions increased in membership, power

      • Urban middle class grew.

      • Western influences become significant.

      • need for more and better education.

      • 1925 universal male suffrage increased voting population (3-14 million)


    • Political weakness becomes evident. together

      • Power = nobles and industrialists.

      • Hirohito had military leaders who were against democratic reforms.

      • Antidemocratic nationalists grew in strength in ’30s

      • Prime Minister Hamaguchi was assassinated in Nov. 1930.

      • Workers and farmers began looking toward military leaders for order.

  • Militarism in Daily Life

    • Supporters of the military opposed Western influences

    • Favored traditional Japanese practices.

    • Young children learned military drills in schools.


  • Military expansion
    Military Expansion together

    • Sept. 1931 Japanese military invade Manchuria w/o government approval.

    • In the ‘30s, the military used violence against the government.

      • 1932 – Assassinated a prime minister.

      • 1936 – Army revolt that failed.

  • By 1937 the army and government had become one.

  • Fearing he would lose his power, Hiroshito gave no strong opposition.

  • The goal of the military leaders was to conquer all of Asia


  • The 1930s6

    The 1930s together

    Rise of Fascist Italy


    Totalitarianism
    Totalitarianism together

    • Goal = total controlover every aspect of citizen’s lives

    • Individual was seen as a servantto the state with few personal freedoms

    • Used propagandain books, radio, films, the arts, and schools to promote


    The rise of fascism in italy
    The Rise of Fascism in Italy together

    • Nationalists were displeased

      • Italy was not given territory from Central Powers.

      • No work for returning veterans.

      • Workers went on strike or took over factories.

      • Those in power were terrified

      • Peasantsseized the land, inspired by the Russian Revolution.

      • G’vt split into factions and was powerless


    • The Rise of Benito Mussolini together

      • Working-class background

      • Was a journalist when younger, who supported Socialism

      • During WWI he became a nationalist.

      • In 1919 he form the Fascist Party.

    http://www.dhm.de/lemo/html/biografien/MussoliniBenito/


    • Political System of Fascism together

      • Glorifies the state at all costs, even war.

      • Authoritarian government that is NOT communist

      • Antidemocratic

      • Aggressive nationalism

      • Gives the state absolute authority.

      • Defends private property and the classstructure.


    4 compared to communism

    Similarities together

    Flourished in hard economic times by promoting social change

    Dictators, part elite claim to rule in the name of national interest

    Difference

    Comms want world revolution while fascists pursue nationalist goals

    Communists won support of working class; fascists of business leaders, wealthy landowners, the lower class

    4. Compared to Communism


    5 appeal of
    5. Appeal of together

    • Promised a strong stable government

    • Revived national pride

    • Projected a sense of power and confidence at a time of disorder, despair


    Mussolini s road to power
    Mussolini’s Road to Power together

    • Conditions got worse after WWI.

    • Mussolini = “a little something for everyone.” He promised:

      • Landowners → protect private property.

      • Workers → full employment, workers’ benefits.

      • Nationalists→to restore Italy to its former greatness.

  • Blackshirts used attacks against opponents and drove them from office, starting in ’22.

  • Oct. 1922 the Blackshirts seized Rome w/ no protest from King Victor Emmanuel II

  • The cabinet resigned and Mussolini was named PrimeMinister.


  • Mussolini s dictatorship
    Mussolini’s Dictatorship together

    • Ended democratic rule

    • Established a corporate state (representation w/ industry, not political parties)

      • Banned non-Fascist parties.

      • Syndicates - corporations of workers and employers that sent representatives to a legislature in Rome to set policies.

      • Strengthened Mussolini’s power.

  • Opposition was persecuted

  • Successes:

    • Built up the military, ending unemployment

    • Rekindled patriotism and nationalism

    • Used all economic and human resources to

    • rebuild Italy.


  • Totalitarianism1

    Totalitarianism together

    True or False?










    Germany upset with treaty of versailles
    Germany Upset with Treaty of Versailles WWI.

    • Limited the size of army

    • Required a democratic government

    • Reparations - $35 billion

      • French occupation of the Rhur Valley in 1923

      • Inflation


    Weimar republic
    Weimar Republic WWI.

    • Few believed in democracy

    • 1919 voted on a national assembly

    • Weimar Republic 1919 – 1933

    • 1920 nationalist army tried to overthrow

      • Felt betrayed

      • Suppressed but opposition continued


    Rise of nazism
    Rise of Nazism WWI.

    • National Socialist Workers’ party (Nazi)

    • Adolf Hitler

    • Brownshirts – private army of veterans and street thugs

    • 1923 – tried to lead a revoltuion but failed

      • Arrested

      • Mein Kampf blamed Jews, Communists; “Master Race”

  • Depression of 1929 made him popular

  • 1933 became prime minister (Legally)


  • Hitler in power
    Hitler in Power WWI.

    • Goal = Totalitarian state

    • Reichstag burned b4 elections; Hitler blamed communists

    • Nazi-dominated Reichstag voted Hitler emergency powers to deal w/ “Communist threat”

    • Crushed opposition

      • Political parties banned

      • Constitutional rights ended

      • Government took over industry, churches

  • Attacks on Jews

    • 1935 Nuremberg Laws

    • Kristallnacht

    • Night of Long Knives


  • The third reich
    The Third Reich WWI.

    • Now had complete power; der Fuhrer

    • His government = Third Reich

    • Restored military strength

    • Controlled the arts and intellectuals; many left

      • Sigmund Freud

      • Albert Einstein

  • Youth organizations


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