Great Depression

Great Depression

By James Kim, Jongkyu Jong, and Edward Yom

Quote

"If, with all the advantages I've had, I can't make a living, I'm just no good, I guess." - An unemployed Texas schoolteacher, 1933

The great depression photos

By James Kim, Jongkyu Jong, and Edward Yom

The causes of Great Depression

The economy before

The “Roaring Twenties” The unemployment rate was lowStock prices were risingGross National Product rose

The collapse of the stock market

Stock prices sharply increased People began to invest more on the stock marketNumber of shares traded rose from 318 million in 1920 to more than 1 billion in 1929

The collapse of the stock market

People became aware of troubles in the economy.Rumors spreadPeople started selling their stocksBankers tried to prevent the collapse by buying stocks

Major factors

Bank FailureFarm FailureUnemployment

Bank FailureBanks lost financial resourcesNo deposit insuranceNervous depositors came for their moneyMore banks closed

Farm FailuresPeople could not afford foodsFarmers could not sell their goodsThe Dust BowlFarmers could not pay for land and equipmentFarms went bankrupt or suffered foreclosure

The Dust Bowl

Farm land became vulnerableDrought lasted for yearsWind storm stripped away top soils

Unemployment

After the crash, economic activity fellGNP fell more than 40% by 1933Unemployment reached 25%

The Impacts of the Great Depression on various groups

1.) Farm Owners

2.) Sharecroppers

3.) Tenant Farmers

Agriculture

Agriculture Cont.Consumer’s demand for food decreasedConsumer Spending on Food: $11.5Surplus of production led to decrease in farm pricesBy 1933, prices were down more than 50%Bankrupt and ForeclosureDust Bowl add a greater damage

Industry

Companies Industrial production failed

Companies were ruined

Corporate earnings have failed

The total market capitalization dramatically decreased

Industrial WorkersUnemployment rate increased (3.2% to 25%)

According to AARL, 17 million were unemployed

American FamilyEconomicallyHoovervilles - shantytownsEarnings:

no income 10 - 12 cents/day

SociallyMen Women Children

Ethnic and Racial Minorities

Social ProblemsRacial Discrimination (Prejudice)Violence

Severe Immigration restrictions

Return to their homelands

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