The Great Depression

"First came the dramatic drop of stock prices. The years 1930 and 1931 were marked by serious declines in industrial production and exports. By 1932, these consequences were reflected in massive unemployment" (3, 3). Hoover's tactics basically stunk, and the depression gradually worsened during 1930 (1, 35). "Hoover's attempt to ward off a depression rather than simply waiting for the economy to readjust represented a major new departure in American public policy" (1, 35). President Hoover had also conceded to farm organizations and farm state congressmen, to create a federal way to increase prices of farm commodities (1, 42). In addition to these trends at home, the United States was ...

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income, stock market abuse, weaknesses in the architecture of large corporations, and questionable policies of the federal government (3, 15). By 1929, two hundred large corporations in the United States controlled forty-nine percent of all corporate assets and received forty-three percent of all corporate income (3, 16). "A second way corporate structure contributed to the Depression was through the abuse of holding companies. Holding companies were those that held stock in hundreds of subsidiary corporations, following a practice known as pyramiding, especially in the field of public utilities" (3, 16-17). Oligopoly contributed to the Depression by tending to lead to price rigidity and tended to set arbitrary "administered prices". Those prices were those not determined by supply and demand (3, 16). To some extent, excessive speculation on the stock market contributed to the outbreak of the Great Depression (3, 17).By late 1931, American's economic condition had become desperate. ...

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Added: 10/11/2012 07:23:17 PM
Submitted By: 232442
Category: American History
Type: Premium Paper
Words: 1152
Pages: 5

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