The Great Depression

1929 To 1939

By: Michelle Randall

The Great Depression was a worldwide economic downturn which started in 1929 and lasted through most of the 1930’s. It centered in North America and Europe, but had damaging effects around the world. Cities based heavily on industry were hit hardest. Unemployment and homelessness soared as construction virtually halted and prices for crops fell 40-60%.

Leading to the Great Depression• World War I ended in 1919.• During the 1920’s, with the development of installment

credit, household spending went trough the roof, especially with high priced items such as automobiles, refrigerators and radios.

• During the 1920’s there were also three small recessions witch only lasted a few months, and had minimal effects on the overall growth of the economy.

• Calvin Coolidge was elected President in 1923. Coolidge believed that the government should not interfere with the economics of the country and refused aid to the industries in need, such as agriculture.

• Coolidge serves as president until 1929.

Time Line of The Great Depression

• The stock market crashes October 24, 1929 (Black Thursday)

• Herbert Hoover is elected President in November 1929.

• In 1930 more than 3.2 million people are unemployed, up from 1.5 million before the crash

• By 1931 food riots break out in U.S. cities and in December New York’s Bank of the United States collapses, with over $200 million in deposits.

• In 1932 more than 750,000 New Yorkers’ are receiving city aid with an additional 160,000 on a waiting list.

• Also during 1932 between 15,000 and 25,000 World War I vets are denied “Bonus” pay.

• Franklin Delano Roosevelt is elected President in November 1932.

1933- A Big Year• In March congress passes

the Emergency Baking Act of 1933 helping three-quarters of the nations closed banks to reopen.

• In April the Civilian Conservation Corps (CCC) is established as a relief and employment program for young men between the ages of 17 and 27.

• In May the Federal Emergency Relief Administration (FEMA) is created and ends the first day with awarding over $5 million in grants. The National Industry Act was also introduces and with it came the National Labor Board.

• In June the Federal Deposit Insurance Corporation was set up.

• In October the Civil Works Administration is established to build schools, roads, hospitals, etc. And could employ up 4 million people.

• May 1934 a Three day dust storm blows an estimated 350 million tons of soil off the terrain in the West and Southwest, landing as far east as New York and Boston.

• In June of 1935 the National Youth Administration is set up to address the needs of young men and women, not allowed in the (CCC) witch at this time include 500,000 young men.

• In August the Social Security act went into law.

• In 1936 migrant workers flood California.

• November 1936 FDR is re-elected.

• May of 1937 ten people are killed and a dozen more wounded in the “Memorial Day Massacre” in Chicago.

• April of 1938 FDR asked congress to authorize 3.75 billion in federal spending to stimulate the economy, it was successful but unemployment stayed high.

• November 1940 FDR was elected to an unprecedented third term

The End• December 1941

Japan Bombed Pearl Harbor, and the U.S. entered World War II. The war effort Jump-started U.S. industry and ended the Great Depression.

Mean While, in the Rest of the World.• Germany was greatly

effected by the American Depression. After World War I Germany borrowed large sums from the U.S. to rebuild it’s cities and to pay restitution as ordered in the Treat of Versailles. During the peak of the depression Germanys’ unemployment was up to 54,000,000 and had a decline of industrial production of over 30%.

• Countries like China, Chile and Peru also suffered as the U.S. and Europe were forced to recall loans. These loans had been used to produce and stock pile goods, when the U.S. economy fell the U.S. consumption of said goods feel in some countries by 80% or more and the U.S. and Europe were demanding payment of the loans.

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