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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 ...
Ohio was hit very hard by the Great Depression in the 1930s. In 1932, unemployment for the state reached 37.3%. By 1933, 40% of factory workers and 67% of construction labor were unemployed. [119] The voters supported Franklin D. Roosevelt in 1932, 1936, and 1940, with large margins in the cities.
Due to the downturned economy, jobs were scarce and Black men were a huge target of the lay-offs, making up a large population of the unemployed during the Depression. Black folks were also still unable to vote at this time in the Jim Crow south, meaning Black families were facing immense compounding pressures.
The grant was in two parts: the first 200,000 acres were promised, and the following 300,000 acres were to be granted if the Ohio Company successfully settled one hundred families within seven years. [7] Furthermore, the Ohio Company was required to construct a fort and provide a garrison to protect the settlement at their own expense.
Conditions in the South were much worse than in the East, and the Cotton Belt was dealt the worst blow. In Virginia, North Carolina, and South Carolina the panic caused an increase in the interest of diversifying crops. New Orleans felt a general depression in business, and its money market stayed in bad condition throughout 1843.
During the 1930s, the Great Depression struck the state hard. By 1933, more than 40% of factory workers and 67% of construction workers were unemployed in Ohio. [75] Approximately 50% of industrial workers in Cleveland and 80% in Toledo became unemployed, with the state unemployment rate reaching a high of 37.3%. [75]
Standard Oil (Refinery No. 1 in Cleveland, Ohio, pictured) was a major company broken up under United States antitrust laws.. The history of United States antitrust law is generally taken to begin with the Sherman Antitrust Act 1890, although some form of policy to regulate competition in the market economy has existed throughout the common law's history.
Bird's-eye view map of Cleveland in 1877. The city of Cleveland, Ohio, was founded by General Moses Cleaveland of the Connecticut Land Company on July 22, 1796. Its central location on the southern shore of Lake Erie and the mouth of the Cuyahoga River allowed it to become a major center for Great Lakes trade in northern Ohio in the early 19th century.