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Herbert Clark Hoover was an American politician and humanitarian who served as the 31st president of the United States from 1929 to 1933. He was a member of the Republican Party, and held office during the onset of the Great Depression. A wealthy mining engineer before his presidency, Hoover led the wartime Commission for Relief in Belgium and was the director of the U.S. Food Administration, followed by post-war relief of Europe. In the 1920s, he served as the U.S. Secretary of Commerce.
Keynesian economics are the various macroeconomic theories and models of how aggregate demand strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation.
The Reconstruction Finance Corporation (RFC) was an independent agency of the United States federal government that served as a lender of last resort to US banks and businesses. Established in 1932 by the Hoover administration to restore public confidence in the economy and banking to their pre-Depression levels, the RFC provided financial support to state and local governments, recapitalized banks to prevent bank failures and stimulate lending, and made loans to railroads, mortgage associations, and other large businesses.
The history of the United States from 1917 to 1945 was marked by World War I, the interwar period, the Great Depression, and World War II.
The Great Depression in the United Kingdom also known as the Great Slump, was a period of national economic downturn in the 1930s, which had its origins in the global Great Depression. It was Britain's largest and most profound economic depression of the 20th century. The Great Depression originated in the United States in late 1929 and quickly spread to the world. Britain did not experience the boom that had characterized the U.S., Germany, Canada and Australia in the 1920s, so its effect appeared less severe. Britain's world trade fell by half (1929–33), the output of heavy industry fell by a third, employment profits plunged in nearly all sectors. At the depth in summer 1932, registered unemployed numbered 3.5 million, and many more had only part-time employment. However at the same time, from 1929 to 1933 employment dipped only to 94.9% relative to 1929 employment metrics and recovery was seen as early at 1933. The positive trend continued across real national income and wages. New houses built increased by 33% from 1929 to 1933, while profits, prices, export volume and value, and imports volume and value dropped. Overall, while all these metrics were concerning to parliament and businessmen along with devastating industrial regions, the common person especially in areas around London did not experience major hardship and even prospered.
The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established.
The worldwide Great Depression of the early 1930s was a social and economic shock that left millions of Canadians unemployed, hungry and often homeless. Few countries were affected as severely as Canada during what became known as the "Dirty Thirties", due to Canada's heavy dependence on raw material and farm exports, combined with a crippling Prairies drought known as the Dust Bowl. Widespread losses of jobs and savings ultimately transformed the country by triggering the birth of social welfare, a variety of populist political movements, and a more activist role for government in the economy.
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1896, depending on the metrics used. It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. Though it marked a period of general deflation and a general contraction, it did not have the severe economic retrogression of the later Great Depression.
In the United States, the Great Depression began with the Wall Street Crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future.
Throughout the industrial world, cities were devastated during the Great Depression, beginning in 1929 and lasting through most of the 1930s. Worst hit were port cities and cities that depended on heavy industry, such as the steel and automotive industries. Service-oriented cities were hurt less severely. Political centers such as Canada, Texas, Washington, London and Berlin flourished during the Great Depression, as the expanded role of government added many new jobs.
The Great Depression in France started in about 1931 and lasted through the remainder of the decade. The crisis started in France a bit later than other countries. The 1920s economy had grown at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. The depression was relatively mild compared to other countries since unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output and there was no banking crisis.
The Great Depression in the Netherlands occurred between 1933 and 1936, significantly later than in most other countries. It was a period of severe economic crisis in the 1930s which affected countries around the world, including the Netherlands.
Herbert Hoover's tenure as the 31st president of the United States began on his inauguration on March 4, 1929, and ended on March 4, 1933. Hoover, a Republican, took office after a landslide victory in the 1928 presidential election over Democrat Al Smith of New York. His presidency ended following his landslide defeat in the 1932 presidential election by Democrat Franklin D. Roosevelt, after one term in office.
The Great Depression (1929–1939) was a severe global economic downturn that affected many countries across the world. It became evident after a sharp decline in stock prices in the United States, the largest economy in the world at the time, leading to a period of economic depression. The economic contagion began around September 1929 and led to the Wall Street stock market crash of October. This crisis marked the start of a prolonged period of economic hardship characterized by high unemployment rates and widespread business failures.
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1938 to rescue the U.S. from the Great Depression. It was widely believed that the depression was caused by the inherent market instability and that government intervention was necessary to rationalize and stabilize the economy.
The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. The extent of the deflation was not only large, but large relative to the accompanying decline in real product.
The Unemployed Councils of the USA (UC) was a mass organization of the Communist Party, USA established in 1930 in an effort to organize and mobilize unemployed workers.
The presidency of Herbert Hoover began on March 4, 1929, when Herbert Hoover was inaugurated as the 31st president of the United States, and ended on March 4, 1933.
The 1932 State of the Union Address was delivered by President Herbert Hoover on December 6, 1932. As Hoover's final State of the Union Address, it came at the height of the Great Depression and during the transition period following his loss to Franklin D. Roosevelt in the 1932 presidential election.
The 1931 State of the Union Address was delivered by President Herbert Hoover on December 8, 1931, in the midst of the Great Depression. Hoover's third address to Congress focused on efforts to address the ongoing economic crisis through both government and private sector initiatives, with an emphasis on cooperation and limited government intervention.
References
- 1 2 "Annual Message to Congress (1930)". Miller Center. Retrieved 2024-09-11.
- ↑ "1930 State of the Union Address". The American Presidency Project. Retrieved 2024-09-11.
- ↑ "Herbert Hoover's State of the Union Address, 1930". Ballotpedia. Retrieved 13 September 2024.
