HIS 1101 Lecture Notes - Lecture 4: Hoover Moratorium, Nyse American, Tennessee Valley Authority
21 Apr 2016
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The great depression and the collapse of the economic world order. Impact on the world economy: depression spreads around the world b/c american economy is at the heart of the world economy, usd main currency, ny stock exchange main way to buy and sell stuff, size of. Uk to pay back their loans and the us insists their loans get paid back. Herbert hoover had just been elected president in 1928. Is seen as worse than ineffective, makes great depression worse. He thinks all he needs to do is restore faith in market. He refuses to directly intervene in the american economy by infusing it with cash could have made the problem better. Keeps on insisting on balanced budgets and raises taxes: takes even more money out of the economy. American people suffer greatly, there"s no social safety net. 25% of american workers lose their jobs (today unemployment in us is 5%)
