- covers USA module 1 (Option AD America, 1920–1973: Opportunity and inequality)
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What was the WSC?####when the NY stock exchange collapsed
In what ways did the Great Depression affect the economy?####collapse of banks and business
Why did banks collapse?####banks lent billions for people to ‘speculate’ on the Wall Street Stock
Exchange, after it crashed loans couldn’t be repaid and they couldn’t get it back
However, (collapse of banks)####there was some recovery under Roosevelt's New Deal ( banks)
Therefore, (collapse of banks)####the impact of the Depression was devastating for many but not all
banks
Link: (great depression)####rural poverty catalysed urban migration which contributed to urban
poverty
Why did businesses collapse?####profits collapsed
Why were profits lost?####funds lost
What was the result of the collapse of businesses?####many closed/downsized
How many businesses collapsed?####100,000
However, (collapse of businesses)####There was some recovery under Roosevelt's New Deal
(businesses)
Therefore, (collapse of businesses)####The impact of the Depression devastating for many but not
all businesses
How did the Great Depression affect society?####urban and rural poverty
Why was there poverty in urban areas?####rising unemployment
Why was there rising unemployment?####businesses lost profits → reduced workforce and wages
What was the average wage decrease####60%
What was the level of unemployment in 1933?####25% (from 5%)
What was the result of rising unemployment?####poverty
What were the results of poverty in urban areas?####soup kitchens Hoovervilles
Def: Hoovervilles####shanty towns inhabited by evicted/unemployed, dubbed after Pres. Hoover
However, (poverty in urban areas)####some recovery under Roosevelt’s New Deal (poverty)
Therefore it is clear, (poverty in urban areas)####the impact of the Great Depression was
devastating for most but not all people in rural areas
Why was there poverty in rural areas?####farming income fell by 50%
Why did farming income fall?####1920s already hard for farmers due to over production an
tariffssavings lost by bankspoverty → decrease in food sales‘Dust Bowl’ drought → poor crop
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