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The Great Depression Was A Government Failure Do You Agree?

769 words - 4 pages

The Great Depression was a Government failure- Do you agree?

The Great Depression was a massive collapse in the US economy that lasted for more than 10 years. There are many proposed causes to this such as the imbalance of supply and demand and the fall of market confidence shown in Source C. Hoover is also blamed for causing the depression, but how is dependent on whether you are a Keynesian as Sources A and C show, doing too little, or a monetarist, doing too much as in Source B. Hoover’s bumbling policies and the failures of Coolidge’s administration were undoubtedly main causes for the depression. The fault lines started with Coolidge but the crash came in Hoover’s administration. ...view middle of the document...

Their pay remained low and pay rises were uncommon. This meant that they had little money to spend on goods and even if they did they had little incentive to do so since they most likely already had it. This was made worse by the republican tax policies which favoured rich businessmen and the government clearly supported them against Unions, for example the Great Railroad Workers Strike was crushed by the attorney general.
Another issue that contributed to the collapse was the failure of the republican governments to regulate the banking system as source B and C point out. The use of credit was rampant and soon people were buying things with money they did not have, these included investing in stocks ‘on the margin’, buying stocks without actually having any money. Banks also lent money without checking whether the person could pay it back or not. The majority of banks were small rural banks and there was no large national reserve to counter major losses, when the depression hit 20% of banks collapsed and with them the money that people had in those banks. The failure to regulate them can be blamed on the republican government because they believed that regulation would discourage businesses from making profit.
However not all can be...

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