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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.
The Depression meant people had to get creative, making items that most of us would never think to craft ourselves. For instance, there was little money for toys, so kids played with box forts ...
His leadership, though marked by controversy, saw the school through the most difficult years of the Great Depression. [1] He oversaw the transition of the school's curriculum from a two-year to a four-year junior college program. [2] Wilcox was born in Mason, Michigan on March 17, 1886. [3]
The curriculum was overwhelmingly focused on Latin and Greek classics and mathematics. [146] Yale's famous report on 1828 was the lynchpin of conservatism relied on by most colleges. [ 147 ] It argued that the role of a college education was to discipline the mind by developing the ability to articulate classical ideas, and there was no need to ...
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 ...
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
Hard Times: An Oral History of the Great Depression (original: 1970/ latest edition: 2005) is a telling of the oral history of the Great Depression written by Studs Terkel. It is a firsthand account of people of varying socio-economic status who lived in the United States during the Great Depression. The first edition of the book was published ...