Political Developments: Hoover's early actions with the Great Depression Flashcards
When did Hoover start to act on the Great Depression slightly? (To the month)
November 1929
What was one of Hoover’s first actions to help with the Great Depression?
He worked with Henry Ford to try and get people into employment
How many people lost their jobs in the first 2 months of the Great Depression?
1 million people
What year did Hoover decide to implement a sales tax?
1932
Who would the 1932 sales tax impact?
It would impact everyone
What problem did Hoover face with trying to get laws passed to help with the Great Depression?
He was not an effective communicator
What did Hoover blame the Great Depression on?
He blamed it on WWI
Why did Britain go back on the Gold Standard in 1925?
To put the pound back to pre-war values
What was the situation for Britain being on the Gold Standard by 1931?
They had to come off of it
What did Andrew Mellon propose doing to help with the Great Depression?
Implementing deflationary measures
What economic theory were Hoover and Mellon opposed to using to help the Depression?
Keynesianism
What did Keynesianism say?
Governments should spend money to help the economy even when in a deficit
By what month and year had the stock market recovered 20% of it’s value?
April 1930
What did Hoover start to do by 1931?
Create interventionist policies to try and help with the Depression
