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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
slide9
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
slide14
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)

slide15
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)
slide17
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)
slide23
Women faced greater challenges of keeping the family together
      • Relied on old crafts
      • Took jobs outside the home
      • Daily chores were a challenge
popular culture
Popular Culture
  • 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
slide25
http://www.lambiek.net/artists/d/disney/mickey_postcard2.jpg

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

slide26
Radio was free and at home
      • # of ↑ ; 12 – 28 million in the 30s
      • “Shows” were broadcasts (Orphan Annie)
  • 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
slide27
http://www.redboots.net/comics/powers_costume.htm

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

the 1930s3

The 1930s

Hoover’s Failures

hoover s philosophy
Hoover’s Philosophy
  • 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
  • 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
  • $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
slide33
The Reconstruction Finance Corporation (RFC) Feb 1932
      • Lent $ to RRs, insurance companies, banks
      • Goal = stop bank failures, create jobs

Why it failed? Ignored small bussiness, Too little too late…

strikes
Strikes
  • 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

The New Deal: Restoring the Hope

fdr s leadership was encouraging
FDR’s leadership was encouraging
  • 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
  • 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
1st 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
  • Farm Credit Administration, March 28
  • Home Owners Loan Corp. (HOLC)
unemployment
Unemployment
  • Federal Emergency Relief Administration (FERA), May 1933
  • Civil Works Administration (CWA)
  • Civilian Conservation Corps (CCC), 1933
economic recovery
Economic Recovery
  • National Industrial Act (NIRA)
      • Public Works Administration (PWA)
      • National Recovery Administration (NRA)
  • Tennessee Valley Authority (TVA), May 1933
fdr s new deal
FDR’s New Deal
  • 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
  • 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

Militarism in Japan

japan after wwi
Japan After WWI
  • 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
  • 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)
slide49
Political weakness becomes evident.
      • 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
  • 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

Rise of Fascist Italy

totalitarianism
Totalitarianism
  • 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
  • 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
slide54
The Rise of Benito Mussolini
      • 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/

slide55
Political System of Fascism
      • 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

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
  • 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
  • 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
  • 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

True or False?

germany upset with treaty of versailles
Germany Upset with Treaty of Versailles
  • 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
  • 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
  • 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
  • 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
  • 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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