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During World War I, a severe slowdown results when the government cuts spending, however, people were able to recover from this before the great depression hitted.
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The stock market begins a spectacular rise, this has nothing to do with the rest of the worlds economy. But during this Americas middle class shrinks as the lower class grows.
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The fall of stock prices is seen as marking the begining of the great depression.
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In the 1920s,many people felt that they could make a fortune from the stock market. Forgetting that the stock market was volatile, they invested their entire life savings. Others bought stocks on credit (margin). When the stock market went dow on October 29, 1929, the country was not prepared The economic ruin caused by the Stock Market Crash of 1929 was a key factor in beginning the Great Depression.
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Congress passes the Smoot-Hawley Tariff, steeply raising import duties in an attempt to protect American manufactures from foreign competition. The tariff increase has little impact on the American economy, but plunges Europe farther into crisis.
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Severe drought and Dust Bowl conditions began to ruin farmers’ land.
Intersesting fact about the Dust Bowl: Dust plus wind at high speed produces static electricity, farmers were often shocked and knocked off their feet when opening car doors. Residents had to wear gas mask to keep from inhaling so much wind into their lungs, which caused many deaths during
this time.
Congress authorizes construction of Hoover Dam, known as Boulder Dam during the New Deal, on the Colorado River. Constructio -
The Corperation aimed to loan money to banks and rail roads to keep them from going bankrupt, unfortunately, this had little effect on the great depression as a whole, and didnt help to turn the economy around.
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President Roosevelt begins to implement the new deal, this began to help the economy, it implemented things like minimum wage and maximum work week, and child labor laws, and unemployment compensation. As well as agricultural loans, civilian constervation corps were formed, and bank reform was put into action.
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Unemployment sky rockets to an unbelievable 25 Percent average for the year.
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Thanks to Germany's economic desperation, hitler was able to push his way to the top, and gain the people's love by turning the economy around.
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Franklin D. Roosevelt turned around America's Unemployment rate, when he became president the unemployment rate was 25 percent, and in 1937, it had fallen to 14.3 percent, a dramatic difference.
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Germany's war preparations and Heavy defecit spending finaly pulls Germany out of it's depresion
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Franklin D. Roosevelt is reelected for another term
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The agricultural adjustment act established a minimum wage and maximum work week
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When World War II hit, it pulled the vast majority of the world out of the Great Depression through all of the government spending on the war.
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When the United States enters the war in 1941, it destroys the last remanents of the great depresion, and American unemployment decreases to below 10 Percent
