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Chapter 30: Great Depression
Descripción
High School Diploma (Chapter 30: The Great Depression) History Mapa Mental sobre Chapter 30: Great Depression, creado por Michelle M el 08/03/2016.
Sin etiquetas
great depression
u.s. history
chapter 30
us history
1920s
history
chapter 30: the great depression
high school diploma
Mapa Mental por
Michelle M
, actualizado hace más de 1 año
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Creado por
Michelle M
hace casi 9 años
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Resumen del Recurso
Chapter 30: Great Depression
Shaky Stock Market -> Bank Crisis
Promise of financial gain brought new investors to Stock Market
Result: Bull Market
Correlates with the Speculative Enthusiasm for the Stock Market
Borrowing money was easy to do in 1920's
Buying On margin
Brokers happy to lend money
After Black Tuesday, clear to many investors Bear Market had begun
Banks caught same fever as everyone in Stock Market
They increasingly lended money to Stock Brokers
Stock Market Crash happened -> Banks stopped looking like a safe place fore people's money
Result: Bank Runs
Too Much For Sale Too Little to Spend
By 1920 many industries used the assembly-line method of mass production
As the 1920's came to end Overproduction overwhelmed economy
Nota:
Companies overproduced because they could.
By 1929, the buying spree was coming to an end
Nota:
Everyone had bought what they needed or already wanted by then.
Underconsumption was a result of debt and lack of necessity in materials
Underconsumption affected Farmers first
Nota:
After WW1 Consumptions of Products decreased and prices dropped.. Caused them to go further into debt. Number of farms and farmers began to decline.
Resulting from underconsumption: Unemployment
Government Actions Makes a Bad situation Worse
Federal Reserve were blamed by economists for further weakening the economy
They manage the money supply, one way is by setting the discount rate
Nota:
Members banks use the discount rate to determine the interest rates they will charge borrowers.
Before Stock Market Crash, Feds kept interest rates low
Nota:
Made easy borrowing possible
Easy borrowing kept money circulating
1931, began raising the discount rate
This decreased the amount of money circulating through the economy
Turned recession into an economic calamity.
Economists also blame Congress for making decisions that further hurt the economy.
Congress passed the Hawley-Smoot Tariff act
It triggered a trade war that ended up causing the Great Depression to spread around the globe
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