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The Great Depression: An Inquiry into the Causes, Course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986) Garraty, John A. Unemployment in History (1978) Garside, William R. Capitalism in Crisis: International Responses to the Great Depression (1993) Haberler ...
Herbert Hoover and the Great Depression (1959). scholarly history online; Watkins, T. H. The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N.
Irving Fisher argued that the predominant factor leading to the Great Depression was a vicious circle of deflation and growing over-indebtedness. [100] He outlined nine factors interacting with one another under conditions of debt and deflation to create the mechanics of boom to bust. The chain of events proceeded as follows:
When President Franklin D. Roosevelt took office in March 1933, the United States was in the midst of the Great Depression. [8] "Farmers faced the most severe economic situation and lowest agricultural prices since the 1890s." [8] "Overproduction and a shrinking international market had driven down agricultural prices."
The percentage of Americans who live on a farm diminished from nearly 25% during the Great Depression to about 2% now, [8] and only 0.1% of the United States population works full-time on a farm. As the agribusiness lobby grows to near $60 million per year, [ 9 ] the interests of agricultural corporations remain highly represented.
The Depression meant people had to get creative, making items that most of us would never think to craft ourselves. For instance, there was little money for toys, so kids played with box forts ...
This new oil field helped to revive Dallas's economy during the Great Depression, but sharply decreased interest in West Texas as the new supply led to another major drop in oil prices. The uncontrolled production in the eastern field destabilized the state's oil industry, which had been trying to control production levels to stabilize prices. [42]
The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression. [5] Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression.