Black Tuesday Great Depression

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Following the conclusion of World War I, countries in Europe struggled to rebuild their war-shambled economies and societies. On the other hand, WWI had seemingly ushered in a new era of prosperity for the Americans. The 1920s, better known as “The Roaring Twenties,” transformed and shaped modern-day American society. However, under the glittering facade of prosperity and fortune, the US economy began to decline as a series of internal failures threatened to undermine the nation. While many believe that the unprecedented crash of the stock market on October 29, 1920, better known as Black Tuesday, was the cause of the dramatic economic downturn of the century, long-term causes contributed highly to the impending catastrophe. This period of economic depression, aptly named the Great Depression, was due to: downfall of agriculture--farmers mass-produced goods to compensate for the lack of income, decline in industry-- due to tariffs and debt policies, and the decrease in consumer spending-- …show more content…

In spite of demands for relief and reform, Hoover practiced “voluntary cooperation” and “rugged individualism,” the belief that each person can succeed through their own hard work. Due to Hoover’s lack of intervention during the Great Depression, the Democratic candidate, Franklin D. Roosevelt, was elected to be President in 1932. Even prior to swearing into office, Roosevelt had already devised a strategy to combat the Great Depression. Instead of sitting idly on the sidelines as the nation fell into turmoil, FDR reformed the economy and provided relief in what he named the “New Deal.” The New Deal focused on the three R’s: first on reforming the old infrastructure, then later providing relief to those affected, and finally recovery. Although the new deal may not have ended the Great Depression, FDR’s ambitious plan greatly improved America’s waning

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