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The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
Examining the causes of the Great Depression raises multiple issues: what factors set off the first downturn in 1929; what structural weaknesses and specific events turned it into a major depression; how the downturn spread from country to country; and why the economic recovery was so prolonged.
The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression. [5] Economists and economic historians have agreed that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression. [6]
The key economic paper looking at these diagnostic sources in relation to the Great Depression is Cole and Ohanian's work. Cole-Ohanian point at two policies of New Deal: the National Industrial Recovery Act and National Labor Relations Act (NLRA), the latter strengthening NIRA's labor provision.
The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
Tales of the Depression are woven with a common thread: Even though most people had very little, those with a little more helped those with a little less. Families who had fallen on hard times ...
Civil Works Administration workers cleaning and painting the gold dome of the Colorado State Capitol (1934).. The Civil Works Administration (CWA) was a short-lived job creation program established by the New Deal during the Great Depression in the United States in order to rapidly create mostly manual-labor jobs for millions of unemployed workers.
Florence Owens Thompson (born Florence Leona Christie; September 1, 1903 – September 16, 1983) was an American woman who was the subject of Dorothea Lange's photograph Migrant Mother (1936), considered an iconic image of the Great Depression. The Library of Congress titled the image: "Destitute pea pickers in California. Mother of seven children.