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Why did the Great Crash have such a significant impact on the USA? (Before…
Why did the Great Crash have such a significant impact on the USA?
Start and effects of the Great Crash
Drop in economy
Stock market crash led people to panic banks were going out of business and people were quick to withdraw all the money they had from banks
Many people loosing there jobs made them unable to by products and slowly but surly companies went out of business
Some blame the Federal Reserve for not supporting the banks dept began to grow and money was loosing value.
Poverty started to spread because many were unemployed
Smooth Hawley Tariff Act
Act was first introduced to congress in 1929 and was made law 1930.
It was created to help protect american farmers from over sea competition by applying a protectionist policy
It put tariffs on over 20,000 imported goods
The stock market crash
Known as Black Thursday, Dow Jones Industrial average dropped 11% worrying people
Drop in stocks worried businessmen and they were quick to sell stocks
Selling stocks led to factories to lay off workers to save money and pay off any loans
Before the great crash
Prohibition
The 18th amendment made it illegal to sell, buy, or consume alcohol
The was a rise of gang activity, violence, and bootlegging because alcohol was made illegal
Eventually, people saw that prohibition was causing more problems than when alcohol was legal and the ban was lifted with the 21th amendment
Women of the 20's
The term Flapper became common as women chose to ignore tradition standards of women. It emphasised the need for independence of young women
Women began to take up the working world and gained more independence than they had before
The passing of the 19th amendment gave women suffrage
Due to the 19th amendment slowly bu surely both men and women had equal rights
immigration
The immigration act of 1924, immigration was limitied for each nationality to two percent of the total number of people of that nationality that was recorded
The economy
The economy grew 42%
Mass production spread new consumer goods because of this it made products less expensive and more people could afford the goods
The income of workers increased and people could by items on credit
Prosperity
Technology was becoming more and more affordable many people used radios to get information.
Rise in wages led to new patterns of consumption and the expansion of credit
Cars became more affordable so people could live away from where they worked