Causes of the Great Depression

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Presentation transcript:

Causes of the Great Depression

The Great Crash Preceded by stock market boom Black Tuesday (Oct 29, 1929) - 16 million shares traded - 1st visible sign of crisis

Causes of the Depression Lack of Diversification in economy = growth depended on few industries

Causes of the Depression Unequal distribution of wealth = workers could not afford products = surplus = layoffs

Causes of the Depression Credit structure of the economy 1. Farmers in debt 2. Too much reliance on credit 3. Banks speculated in stock market

Causes of the Depression Declining exports

Causes of the Depression International debt structure 1. Allies owed US $ (war loans) 2. Borrowed $ from US banks to pay debt 3. Late 1920s, US banks less willing to loan $ & US tariffs made it difficult to sell products in US 4. Countries began to default on loans

Effects 9,000 banks closed; depositors lost $2.5 billion Banking Collapse 9,000 banks closed; depositors lost $2.5 billion Declining $ supply = decline in consumer demand = layoffs GNP dropped, investment declined, unemployment increased