Economic Downturn And Recovery Flashcards
What event caused an economic depression in America in October 1929?
Wall Street Crash
This event marked the beginning of a severe economic downturn known as the Great Depression.
What was the unemployment rate in the US by the end of 1929?
2.5 million
This figure increased significantly in the following years.
What was the unemployment figure in the US by 1932?
13 million
This marked a dramatic increase in unemployment during the Great Depression.
What was the impact of the economic depression on world trade?
There was a fall in world trade
This decline was partly due to decreased demand for American consumer goods.
Who were typically the first to lose their jobs during the economic downturn?
Black workers
This trend highlighted racial disparities in employment during the Great Depression.
What percentage of black individuals were unemployed in 1933?
50%
This was significantly higher than the white unemployment rate at the time.
What was the white unemployment rate in 1933?
20%
This figure reflects the broader impact of the Great Depression on the economy.
What were ‘Hoovervilles’?
Alternative homes set up by the unemployed
Named to mock President Hoover during the Great Depression.
What term was used for those who drifted across the country looking for work?
Hobos
By 1932, there were approximately 2 million hobos in America.
Which states were most affected by the drought in 1931?
Oklahoma, New Mexico & Kansas
These areas suffered significantly due to poor farming methods and drought.
What were the names given to migrants from Oklahoma and Arkansas?
Okies and Arkies
These terms were used to refer to those who left their homes in search of work.
How many farmers left to find work in the fruit-growing areas on the west coast?
More than 1 million
These farmers often faced resentment from local workers.
By how much did marriages fall by 1932?
Almost 250,000
This decline reflects the social impact of the economic crisis.
What was the suicide rate at its peak by 1932?
17.4 suicides per 1000 people
This figure indicates the severe mental health impact of the Great Depression.
What happened to some schools in Arkansas during the Great Depression?
Closed for 10 months of the year
This was due to the inability to afford teacher salaries.
What percentage of the population received no income by 1932?
25%
This indicates the extent of poverty during the Great Depression.
How many veterans marched to Washington DC in 1932?
12,000
They were seeking early payment for their bonus.
How much would the early payment for veterans have cost the government?
$2.3 million
This request was refused by President Hoover.
What was the public perception of Hoover during the Great Depression?
People believed he didn’t care about them
This sentiment was reflected in the popular slogan: ‘in Hoover we trusted… now we are busted.’
What were Hoover’s policies criticized for during the economic downturn?
Refusal to borrow money and adherence to Rugged Individualism & Laissez-Faire
These policies were seen as inadequate to address the economic crisis.
What did the Hawley-Smoot Tariff Act of 1930 do?
Increased import duties
This resulted in retaliation from other countries, leading to a decrease in trade.
What was one of the major public works projects Hoover spent on?
Boulder Dam
This project was part of his efforts to combat the economic downturn.
Who won the 1932 election?
Roosevelt
He won by a landslide with only 6 of the 48 states voting for Hoover.
What were the 3 R’s of the New Deal?
Relief, Recovery & Reform
These principles aimed to restore the economy during the Great Depression.
