Part 3: The causes and consequences of the Wall Street Crash
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Part 3: The causes and consequences of the Wall Street Crash - Leaderboard
Part 3: The causes and consequences of the Wall Street Crash - Details
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| 🇬🇧 | 🇬🇧 |
| Rugged individualism | An individual is self-reliant and independent from outside, usually state or government, assistance |
| The great depression affected B.I.A.S what does this acronym stand for? | Business, Industry, Agriculture, Stocks/Shares |
| General Electric (big US company) saw its income and employees fall between 1930 and 1932: | $60.5 million to $14.17 million, Employees 88,000 to 41,000 |
| Traditional industries such as coal mining and textiles | Were in a state of decline prior to the great depression. |
| Growing unemployment led to a | Decrease in sales of new consumer goods. |
| By 1927 the majority of people who could buys cars | Had already done so, and the demand for vehicles plummeted. |
| A "Hooverville" was | A shanty town built during the Great Depression by the homeless in the United States of America. |
| Hoover was a | Republican |
| Hoover was president between | 1928-1933 |
| Volunteerism was a guiding ideology of Hoover meaning: | Voluntary act of an individual or group freely giving time and labour for community service |
| A balanced budget is | A budget in which revenues are equal to expenditures. |
| Hoover once said the major job of the government was | To bring about a condition of affairs favourable to the beneficial development of private enterprise |
| Hoover was happy to supply indirect aid to banks or local public works projects, but he refused to use federal money for direct aid to citizens | But he refused to use federal money for direct aid to citizens |
| Laissez faire | Economic system in which transactions between private groups of people are free from any form of interventionism from government. |
| Trickle Down Economics | Economic policies that favor the upper income brackets, corporations, and individuals with substantial wealth or capital. |
| Rugged individualism | An individual is self-reliant and independent from outside, usually state or government, assistance |
| In 1931 | Hoover cancelled war debts to the USA, hoping that more American goods would be bought. But it made little difference. |
| American exports in 1932 | Were less than a third of the 1929 total. |
| In 1929 | 659 US banks failed. |
| In 1930 | 1,352 US banks failed. |
| Another 2294 banks went bankrupt | In 1931. |
| Between 1928 and 1933 both industrial and farm production fell | By 40% and average wages fell by 60%. |
| By 1933 there were | 14 million unemployed, and 5,000 banks had gone bankrupt. |
| The USA’s international trade was drastically reduced from | $10 billion in 1929 to $3 billion in 1932. |
| The 'Dust Bowl' | The drought period in the Great Plains that lasted from 1930 to 1936 |
| The Agricultural Marketing Act | 1929, established the Federal Farm Board |
| The Agricultural Marketing Act 1929 | Failed in supporting farmers |
| National Credit Corporation1931 | Tried to stop bank failures but was unsuccessful. |
| The Federal Home Loan Bank Act 1932 | Successfully strengthened the housing market and was strengthened by FDR in 1933. |
| The Emergency Relief and Construction Bill | Was vetoed by Hoover in 1932 |