the great depression
TRANSCRIPT
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Period of very high poverty & high levels of unemployment
What is a Depression?
Great Depression: 1929~1941
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1920s economy was not as prosperous as it seemed…
A Booming Economy?
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Decreasing farm pricesCauses of the Depression
Prices fell when demand decreased after WWI
Farmers couldn’t pay debts & lost their farms
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Decreasing farm pricesCauses of the Depression
1930s ~ drought in the Great Plains caused a “Dust Bowl”Migration of
farmers to the West (“Okies”)
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Uneven distribution of wealth
Causes of the Depression
Very few rich people and very many poor people
Companies overproduced (people couldn’t afford to buy goods)
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Decreased consumer spending in the late 1920s
Causes of the Depression
People could buy on credit…
Credit debt led to less spending and business bankruptcies
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1929 ~ Stock Market CrashCauses of the Depression
10/29/1929: Black Tuesday
Stock prices dropped quickly
Marks start of Depression
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1929 ~ Stock Market CrashCauses of the Depression
Investors had bought on margin (took out a loan to buy stock)
ResultsLed to bank failures
Many lost life savings
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BANKYou start a
savings account
Your money Your
money
Bank invests money
Bank makes loans
Your
m
oney
Profit on
investmentInterest paid to your account
Peo
ple
repa
y lo
ans
You may close your account
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BANKYou start a
savings account
Your money Your
money
Bank invests money
Bank makes loans
Your
m
oney
Profit on
investment
Peo
ple
repa
y lo
ans
After the Crash, banks lose $ on
investments
After the Crash, people can’t repay loans
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UnemploymentEffects of the Depression
1933 ~ rose to 25%
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Effects of the DepressionLoss of homes
Hoovervilles ~ shantytowns
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HopelessnessEffects of the Depression
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