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The Great Depression had particularly strong effects on the Black community in the 1920s and 30s, forcing Black women to reckon with their relationship to the U.S. government. Due to the downturned economy, jobs were scarce and Black men were a huge target of the lay-offs, making up a large population of the unemployed during the Depression.
The United States government and the Federal Reserve did not do that during the 1929‑32 slide into the Great Depression [93] The existence of "liquidationism" played a key part in motivating public policy decisions not to fight the gathering Great Depression.
The League of Nations labeled Chile the country hardest-hit by the Great Depression, because 80% of government revenue came from exports of copper and nitrates, which were in low demand. Chile initially felt the impact of the Great Depression in 1930, when GDP dropped 14%, mining income declined 27%, and export earnings fell 28%.
The First New Deal (1933–1934) dealt with the pressing banking crisis through the Emergency Banking Act and the 1933 Banking Act.The Federal Emergency Relief Administration (FERA) provided US$500 million (equivalent to $11.8 billion in 2023) for relief operations by states and cities, and the short-lived CWA gave locals money to operate make-work projects from 1933 to 1934. [2]
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. [6]
The presidency of Herbert Hoover was defined by the Great Depression that began after the Wall Street Crash of 1929 during his first year in office. [citation needed] Protectionist tariffs were significantly expanded by the Smoot–Hawley Tariff Act, which has been attributed as a major factor contributing to the Great Depression.
During the Depression, a piece of cardboard or a new rubber sole may have extended the wear of a pricey pair, and clothes were certainly mended and patched long before they were ever thrown out.
The Wall Street Crash of 1929 and the ensuing Great Depression led to government efforts to restart the economy and help its victims. The recovery, however, was very slow. The nadir of the Great Depression was 1933, and recovery was rapid until the recession of 1938 proved a setback.