The Great Depression

Alexis Mendez

The Depression

The Great Depression was the worst economic crisis of the modern era. It began in 1929 and affected many countries. The stock-market crash in October 1929 is often seen as the cause of the Depression.From 1929 to 1933, industrial production in the United States went down nearly 50 percent. Unemployment rose to at least 25 percent.


Herbert Hoover, elected president in 1928, wanted to avoid the fear associated with the word "panic." Herbert Hoover gained a reputation as a humanitarian in World War I by leading hunger-relief efforts in Europe as head of the American Relief Administration. herbert hoover is involved in the great deprssion because when the stock maket crashed less than eight months into Herbert Hoover’s presidency. Most experts, including Hoover, thought the crash was part of a passing recession.


-1928 Herbert Hoover was elected president.

-1929 the stock market had crashed.

-1933 the depression hit its lowest point.

-1935 The government refinanced mortgages. It hired workers. Public employees planted forests, constructed highways, and built buildings. Perhaps the greatest legacy of the Depression is Social Security.

-1929-1933 industrial production in the United States went down nearly 50 percent. Unemployment rose to at least 25 percent. Farm prices fell more than 50 percent. Stock prices crashed 80 percent.

-1980 Economic panics were nothing new. They had hit America repeatedly.




citation:

"Depression, Great." The New Book of Knowledge. Grolier Online, 2014. Web. 16 Jan. 2014