The Great Depression was one of the worst economic crises in the history of man-kind. All former great powers suffered from high debts and unemployment. The United States got hit very hard, because of the connection to debt countries, which were additionally indebted among each other like Germany, Great Britain and France. The reasons for the severe effects on the United States can be found in the several fields of economics.
The presidents Herbert Hoover and Franklin D. Roosevelt dominated the U.S. re-sponse to the Great Depression. Both presidents had different point of views on the crises, from where they initiated fiscal, monetary and social programs. It was not easy to convince the people of tough measures in times of increasing distrust into economy. The lack of public support in combination with less successful initiatives is one of the reasons, why Hoover failed in the election.
All identified lessons learned are not a blueprint for further recessions. The political context and the scientific basis have a decisive impact. Governments, businesses and consumers are responsible for a stable economic environment. Profit has to be on a sustainable basis flanked by moderate monetary measures.
Table of Contents
Executive Summary
Table of Contents
1 Introduction
1.1 Problem definition
1.2 Aim of the Assignment
1.3 Scope of Work
2 Reasons for the economic crisis
2.1 Supply of goods
2.2 Monetary issues
2.3 Consumption
2.4 Stock exchange crash
2.5 The Gold standard
3 The U.S. and the Great Depression
3.1 President Hoover’s initiatives
3.2 President Roosevelt’s New Deal
4 Lessons learned
5 Conclusion
References
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