Essay on The Great Depression By Herbert Hoover

1273 Words Jan 29th, 2016 6 Pages
The Great Depression was a period of time between 1929 and the late 30’s in which unemployment rates skyrocketed and America’s economy was hanging on by a thread due to multiple triggers one of which was the stock market crash. The two long-term causes of the Depression were the decline in industry growth and the overproduction of crops. Industry decline was one of the main factors that contributed to the Depression because former consumers no longer had the means to pay for goods or services which caused people to be laid off and businesses to fail. Overproduction of crops also played a part in triggering the Depression because after WW1 farms were still producing copious amounts of crops which in turn caused : food prices to go down, loss of revenue, and farmers not being able to maintain payments on their land. Herbert Hoover was elected in 1928 and he believed in voluntary cooperation, rugged individualism, and that the economy had natural cycles. Voluntary cooperation was the belief that people and businesses should help each other out without government assistance. Another one of Hoover’s beliefs was rugged individualism, the idea the people should succeed through their own efforts without the need of government handouts. Lastly Hoover believed that the economy had its ups and downs and that it would stabilize without any interference. These beliefs prolonged the depression because his conservativeness rejected any kind of relief to America on the thought that the…

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