Week Nine Lecture
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Transcript of Week Nine Lecture
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Weak Manufacturing EconomyWeak Manufacturing Economy
1.1. Over-productionOver-production
2.2. Under-consumptionUnder-consumption
Weak Financial InstitutionsWeak Financial Institutions
1.1. Speculation & Unregulated Securities MarketSpeculation & Unregulated Securities Market
2.2. European Banking CollapseEuropean Banking Collapse
Weak Agricultural EconomyWeak Agricultural Economy
1.1. Weak Wholesale PricesWeak Wholesale Prices
2.2. ForeclosuresForeclosures
3.3. Dust BowlDust Bowl
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October 29, 1929October 29, 1929 Investors lose billions. Investors lose billions. Unemployment skyrockets : ½ to 4 million Unemployment skyrockets : ½ to 4 million Economy falters:Economy falters: Stock fall again in 1931.Stock fall again in 1931. Real wages drop by 16% by 1931.Real wages drop by 16% by 1931. By 1933:By 1933:
1) 15 million unemployed1) 15 million unemployed2) GNP down by 29% 2) GNP down by 29% 3) Construction down by 78%3) Construction down by 78%4) Manufacturing down by 54%4) Manufacturing down by 54%5) Investments down by 98%5) Investments down by 98%
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Hoover maintained that the economy was on a “sound and Hoover maintained that the economy was on a “sound and prosperous basis.” prosperous basis.”
Hoover’s attempt to fight the depression:Hoover’s attempt to fight the depression:
1)1)Restore Business ConfidenceRestore Business Confidence
2)2)Fight calls for government interventionFight calls for government intervention
3)3)VoluntarismVoluntarism
4)4)LocalismLocalism
Ineffectual due to:Ineffectual due to:
1)1)Government Blunders (raised interest rate & tariff)Government Blunders (raised interest rate & tariff)
2)2)Federal aid offset by cuts in state spendingFederal aid offset by cuts in state spending
3)3)Persistence of depression undermined local charityPersistence of depression undermined local charity
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1.1. Unemployed CouncilsUnemployed Councils2.2. Rent PartiesRent Parties3.3. Farmer’s HolidayFarmer’s Holiday4.4. Sharecropper’s UnionsSharecropper’s Unions5.5. Southern Tenant Southern Tenant
Farmer’s UnionFarmer’s Union6.6. Ford Hunger MarchFord Hunger March7.7. Bonus ArmyBonus Army
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