Hoover's response (will add more - this is just from PLC) Flashcards
1
Q
Hoover’s two core beliefs
A
Self help - Individualism and the idea you have to make your own way in life, you cannot rely on anyone else.
Voluntarism - Business and state government should solve the Great Depression through their own voluntary efforts. Encouraged charity to do the brunt of the work.
2
Q
The Hawley-Smoot tariff
A
- Tariffs up 40% - European countries began to abandon free trade. Fewer US goods exported.
- 1929-1930: International Trade fell by $500 million - $1.2 billion the following year.
- Harmed the farmers - they relied on foreign trade.
3
Q
Reconstruction Finance Corporation ineffectiveness
A
- January 1932: $2 billion to rescue the banks.
- Most money went to big banks.
- Failed to protect small banks from closing.
- Ignored the fact many Americans were in distress.
- 10,000 banks closed between 1929-1933
4
Q
Emergency Relief and Construction Act - 1932
A
- Authorise the RFC to lend up to $1.5 billion to states to finance public work.
- This would provide employment.
- States had to declare bankruptcy to qualify.