Prosperity and depression of 1920's 1930's
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“Prosperity and Depression of 1920's - 1930's in the USA.”
Presenter: Cyorny Iliya, 1LM3
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Depression
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A severe and prolonged downturn in economic activity
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• A short rise in price of a stock which already suffered a fall.
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High level of unemployment
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Banks were closed
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People lost their investments
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Herbert Hoover
• a shanty town
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Hobo
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Causes
• malfeasance by bankers and industrialists, or incompetence by government officials
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• underconsumption and over-investment (causing an economic bubble)
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• These manipulations caused a disbalance between demand and supply
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National recovery administration
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Harry Hopkins • Hopkins made it his
mission to strengthen ties between the Roosevelt administration and the business community. While Roosevelt believed in complete reform (The New Deal), Hopkins took a more administrative position; he felt that recovery was imperative and that The New Deal would continue to hinder recovery.
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