Industrial growth before 1929 crash
Global industrial output increased by 50% between 1923-1929.
Stock market boom — cause?
Speculation and artificial wealth creation drove prices up.
Black Thursday — date?
October 24, 1929.
Effects of 1929 crash — unemployment?
One-quarter of US workers unemployed within four years.
European unemployment — peak?
44% in Germany in 1932.
Global trade after 1929?
Imports dropped by two-thirds, causing trade collapse.
Roosevelt’s economic approach?
Adopted Keynesianism to stimulate demand and reduce poverty.
First Hundred Days — reforms?
Public works, agricultural support, industrial regulation.
New Deal financial regulation?
Banking Acts and Securities Act increased oversight and transparency.
Taxation under New Deal?
Taxes on the wealthy increased up to 79% for high incomes.
Economic outcome 1933-1940?
Unemployment fell by 7%, GDP recovered to pre-Depression levels.
Social change — Middle Class?
Emergence of a new, stable Middle Class supporting the American Dream.
Environmental disaster?
The Dust Bowl (1934-1939) damaged farmland, caused migration.
Daily hardships?
Widespread loss of income, homelessness, increased suicides and discrimination.
European impact?
Economic collapse, high unemployment, social upheaval.
Long-term effect?
Disillusionment with neoliberal policies, shift to alternative ideologies.
Test your knowledge with 8 questions on Great Depression and New Deal Strategies.
1. Which city became the global financial center as a result of the stock market boom before the 1929 crash?
2. Which of the following was a direct economic effect following the 1929 Black Thursday financial crash?
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