The great depression
This presentation is the property of its rightful owner.
Sponsored Links
1 / 20

The Great Depression PowerPoint PPT Presentation


  • 37 Views
  • Uploaded on
  • Presentation posted in: General

The Great Depression . Enduring The New Deal Progressivism Fulfilled. Underlying Causes. Boom goes bust Stock market speculation – “on margin “ buying Overproduction – under- consumption – economy dependent on consumer spending Excessive reliance on credit

Download Presentation

The Great Depression

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


The great depression

The Great Depression

Enduring

The New Deal

Progressivism Fulfilled


Underlying causes

Underlying Causes

Boom goes bust

Stock market speculation – “on margin “ buying

Overproduction – under- consumption – economy dependent on consumer spending

Excessive reliance on credit

Maldistribution of wealth -0.1 % held as much wealth as bottom 42% -- limited buying power – MC dependent on salaries

Technological unemployment

Economic ties to Europe – tariffs, end of Dawes Plan – more global economy

Weak economic areas – RR, agriculture, construction, coal – over-invested and developed

Limited political and economic leadership in gov’t and Federal Reserve – Galbraith


Ny stock market crash

NY Stock Market Crash

Babson Break

SM Crash = trigger or catalyst


Impact

Impact

“Hard Times” (Turkel)

GNP 104.6 billion 1929 ----56.1 b 1933

Unemployment – 20-25% -- not really counting the self employed -- minorities more like 30-33% “last hired, first fired”

Income decreased by 54%; farm income by 55%; labor by 41%

22% of all banks failed

Breadlines, homelessness, migrations – “Army of the Dispossessed” , Hoovervilles

Marriages and birth rates decrease – so does divorce – families often drifted apart

Women often had to give up jobs

Loss of identity and worth

“invisible scars” - Bird

Fears of class warfare and revolution

Freedom limited


Hoover s response

Hoover’s Response

Schlesinger “crisis of the old order”

Voluntarism /associationalism – state and private charities

Mellon advises to let it “bottom out”

Commitment to the balanced budget

“Rugged Individualism”


Hoover s response1

Hoover’s Response

  • Often too little – too late

  • Public Works – Hoover Dam

  • Federal Farm Loan Board

  • Glass – Steagall Act

  • Home Loan Banking Act

  • Moratorium on debt collection from Europe but Hawley Smoot Tariff

  • Reconstruction Finance Corporation – bridge to the New Deal – but focus on RR, businesses, banks


  • The people

    The People

    • Reno – Farm Holiday Association

    • Bonus Army – Hoover’s Response

    • Election of 1932 – income for most 50% of 1929

    • Hoover v. FDR

    • Emergency Banking Act & First Inaugural Address

      • Leadership – the analogy of war

    • Brain Trust

    • Fireside Chats

    • “reform to save” – goals: preserve capitalism and democracy

    • The Hundred Days – 15 key pieces of legislation

    • The Three Rs – Relief, Recovery and Reform


    Nevins effective greatness

    Nevins – Effective Greatness

    • Characteristics that fit the needs of the time

      Three Qualities:

      • Willingness to experiment

      • Timing – met each crisis w/ action

      • Spiritual strength and optimism

        Two transformations:

      • Helps American become more socially minded

      • Moves the nation from isolation to leadership and participation in the world


    First new deal 1933 1935

    First New Deal 1933-1935

    • Focus = Recovery

    • Key Programs:

      • Relief – FERA, TVA, PWA, CCC – Hopkins

      • Finance – Emergency Banking Act, FDIC, HOLC, off gold standard, Sec

      • AAA – key to recovery ---Butler v US Strikes Down

        • STFU

      • NRA – section 7a – problems – Schechter v US Strikes Down


    Critics

    Critics

    • The Right – American Liberty League – businessmen

    • The Left – those pushing for greater changes

      • Upton Sinclair – EPIC – Progressives

      • Huey Long – “Share Our Wealth”

      • Dr. Townsend – the elderly

      • Father Coughlin – radio priest

        demogogues


    The second new deal 1935 1938

    The Second New Deal 1935-1938

    • Trickledown v Pump-priming – Keynesian theory

    • Focus = Relief and Reform

    • Key Programs:

      • Relief – WPA, Federal One, NYA, RA

      • Finance – Revenue Act of 1935

      • Reform – response to critics

        • Social Security

        • National Labor Relations Act – Wagner Act

        • REA

        • 2nd AAA

        • FSA

        • Fair Labor Standards Act – last major ND legislation


    End of the new deal

    End of the New Deal

    Court- Packing Scheme - Impact

    Failed Purge of Conservative Democrats

    Sit-Down Strike – GM 1937

    Roosevelt Recession 1938

    Focus shifts to foreign policy – war in Europe 1939

    New Deal doesn’t end Depression – ameliorates and preserves – only embracing deficit federal spending as the US becomes the “Arsenal of Democracy” brings productivity, employment and $ flowing through the system


    Impact of the new deal

    Impact of the New Deal

    Labor: CIO formed – Lewis UAW 1937 GM Strike & 1937 Republic Steel Strike – gains in union membership

    Women: cabinet positions, E Roosevelt – but limited gains

    African Americans: “black cabinet” - limited real gains – SS doesn’t apply to most, hiring discrimination & in federal programs

    Native Americans: Collier – Indian Reorganization Act

    Hispanic Americans: job discrimination

    Communism & the Popular Fronts – the Common Man


    Legacy of the new deal

    Legacy of the New Deal

    • The system – democracy and capitalism is preserved

      • Leutchenberg – Halfway Revolution; Friedel – conservative revolution - no re-arrangement of wealth or power

    • The Broker State model emerges – if organized – but limited response to the “voiceless” or unorganized

    • Political Re-Alignment ---Roosevelt Coalition

    • Increased power to the executive branch and the federal level of government

    • New perception of the relationship between the people and the government – the “guarantor” state – a transformation of consciouness” -- Progressivism revived

    • Tools & processes for stabilizing the economy

    • New Definition of Freedom – economic security – work – impact of economic inequalities


    Assessment

    Assessment

    “Roosevelt was a pragmatist – impatient w/ theory – he kept what worked and discarded the rest. The result was paradoxically, both profoundly revolutionary and profoundly conservative.”

    Capitalism’s basic structure and problems were dealt w/ through traditional democratic processes.

    Third American Revolution --- Missed opportunity for broader reforms

    Leutchenberg –”halfway revolution” – helped some –ignored others


  • Login