the establishment of a stronger economic regulatory system during the great depression most closely reflected a continuity with which of the following?

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the establishment of a stronger economic regulatory system during the Great Depression most closely reflected a continuity with which of the

the establishment of a stronger economic regulatory system during the Great Depression most closely reflected a continuity with which of the following

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ITSOLUTIONS-CENTER the establishment of a stronger economic regulatory system during the Great Depression most closely reflected a continuity with which of the

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the establishment of a stronger economic regulatory system during the Great Depression most closely reflected a continuity with which of the

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the establishment of a stronger economic regulatory system during the Great Depression most closely reflected a continuity with which of the following

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August 7, 2021 at 2:31 am

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Efforts to restrict the excesses of corporations during the Progressive Era.

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APUSH

Memorize flashcards and build a practice test to quiz yourself before your exam. Start studying the APUSH - Period 7 flashcards containing study terms like Episodes of credit and market instability undermined the financial system. (The Great Depression was triggered by the stock market crash of 1929 and the failure of hundreds of banks across the country. This was the most extreme in a series of economic fluctuations that characterized the early twentieth century.), Both sought to create a stronger financial regulatory system. (Great Depression-era efforts to create stronger financial regulations through reforms such as the Glass-Steagall Act (1933) had a great deal in common with Progressive Era financial reforms such as the Federal Reserve Act (1913) and the Sixteenth Amendment (1913), which allowed Congress to establish an income tax.), Policymakers developed a limited welfare state to reduce the effects of mass unemployment and social upheavals. (In response to the Great Depression, President Franklin D. Roosevelt's administration in particular created extensive new programs such as the Works Progress Administration to help provide jobs and social stability.) and more.

APUSH - Period 7

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Episodes of credit and market instability undermined the financial system. (The Great Depression was triggered by the stock market crash of 1929 and the failure of hundreds of banks across the country. This was the most extreme in a series of economic fluctuations that characterized the early twentieth century.)

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Which of the following best explains the main cause of the Great Depression of the 1930s?

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Both sought to create a stronger financial regulatory system. (Great Depression-era efforts to create stronger financial regulations through reforms such as the Glass-Steagall Act (1933) had a great deal in common with Progressive Era financial reforms such as the Federal Reserve Act (1913) and the Sixteenth Amendment (1913), which allowed Congress to establish an income tax.)

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Which of the following best explains a connection between policies intended to address the Great Depression and earlier Progressive Era reform policies?

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Episodes of credit and market instability undermined the financial system. (The Great Depression was triggered by the stock market crash of 1929 and the failure of hundreds of banks across the country. This was the most extreme in a series of economic fluctuations that characterized the early twentieth century.)

Which of the following best explains the main cause of the Great Depression of the 1930s?

Both sought to create a stronger financial regulatory system. (Great Depression-era efforts to create stronger financial regulations through reforms such as the Glass-Steagall Act (1933) had a great deal in common with Progressive Era financial reforms such as the Federal Reserve Act (1913) and the Sixteenth Amendment (1913), which allowed Congress to establish an income tax.)

Which of the following best explains a connection between policies intended to address the Great Depression and earlier Progressive Era reform policies?

Policymakers developed a limited welfare state to reduce the effects of mass unemployment and social upheavals. (In response to the Great Depression, President Franklin D. Roosevelt's administration in particular created extensive new programs such as the Works Progress Administration to help provide jobs and social stability.)

Which of the following best explains changes in the federal government resulting from the Great Depression?

The New Deal actively used government power to stimulate economic recovery. (The New Deal created many new government programs such as the Works Progress Administration and the Civilian Conservation Corps, which were directly intended to stimulate economic recovery, marking a significant departure from previous government practices.)

In which of the following ways did the New Deal mark a departure from previous government practices?

Political alignments shifted as African Americans came to support the Democratic Party. (African Americans who were permitted to vote had tended to support the Republican Party since Reconstruction, but that alignment shifted in the 1920s and 1930s as the Democratic Party increasingly offered some modest support for African American civil rights. Following the New Deal, African Americans predominantly voted for Democrats.)

Which of the following best explains a long-term political change resulting from the New Deal?

The Great Depression of the 1930s and the increased demand for war production in the 1940s led many Americans to migrate to cities in search of economic opportunities.

Which of the following best explains changes in migration patterns in the United States in the 1930s and 1940s?

Strong isolationist sentiments after the First World War left many Americans wary of involvement in another European conflict.

Which of the following best explains the policy of the United States toward Nazi Germany in the 1930s?

The United States used peace treaties and select military intervention to promote international order.

Which of the following best explains how the United States sought to engage in world affairs in the 1920s and 1930s, the decades immediately following the First World War?

Japan attacked the United States naval base at Pearl Harbor.

Which of the following best explains the factor that most directly prompted United States entry into the Second World War in 1941 ?

The United States and its allies won the war in part because they had sufficient military supplies. Although many male industrial workers were drafted into military service during the Second World War, the number of women in manufacturing increased to replace those losses. These workers were able to produce a sufficient amount of supplies and equipment to give the Allied forces an advantage in the war.

What was one of the main reasons the US and its allies won the war?

the frontier

According to historian Frederick Jackson Turner, a key factor in the development of American individualism and democracy was-

commercial involvement in both Latin America and eastern Asia

Between 1890 and 1910, the United States most strongly pursued a foreign policy promoting-

the American frontier could no longer be distinguished from settled areas

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Lessons from the 1930s Great Depression

Abstract. This paper provides a survey of the Great Depression comprising both a narrative account and a detailed review of the empirical evidence, focusing esp

Lessons from the 1930s Great Depression

Nicholas Crafts, Peter Fearon Author Notes

Oxford Review of Economic Policy, Volume 26, Issue 3, Autumn 2010, Pages 285–317, https://doi.org/10.1093/oxrep/grq030

Published: 01 October 2010

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Abstract

This paper provides a survey of the Great Depression comprising both a narrative account and a detailed review of the empirical evidence, focusing especially on the experience of the United States. We examine the reasons for and flawed resolution of the American banking crisis, as well as the conduct of fiscal and monetary policy. We also consider the pivotal role of the gold standard in the international transmission of the slump and leaving gold as a route to recovery. Policy lessons for today from the Great Depression are discussed, as are some implications for macroeconomics.

Issue Section: Article

I. Introduction

The Great Depression deserves its title. The economic crisis that began in 1929 soon engulfed virtually every manufacturing country and all food and raw materials producers. In 1931, Keynes observed that the world was then ‘in the middle of the greatest economic catastrophe . . . of the modern world . . . there is a possibility that when this crisis is looked back upon by the economic historian of the future it will be seen to mark one of the major turning points’ (Keynes, 1931). Keynes was right; Table 1 shows some of the dimensions.

Table 1

The Great Depression vs Great Recession in the advanced countries

1929  100.0  100.0  7.2  100.0

1930  95.2  90.8  14.1  94.8

1931  89.2  79.9  22.8  89.5

1932  83.3  73.1  31.4  76.5

1933  84.3  71.7  29.8  78.4

1934  89.0  75.3  23.9  79.6

1935  94.0  77.6  21.9  81.8

1936  100.6  81.4  18.0  85.7

1937  105.3  91.5  14.3  97.4

1938  105.4  90.4  16.5  87.0

2007  100.0  100.0  5.4  100.0

2008  100.5  102.0  5.8  100.6

2009  97.3  102.9  8.0  85.0

2010  99.6  103.7  8.4  93.3

Sources: 1929–38: Real GDP: Maddison (2010) western European countries plus western offshoots; Price level: League of Nations (1941); data are for wholesale prices, weighted average of 17 countries; Unemployment: Eichengreen and Hatton (1987); data are for industrial unemployment, weighted average of 11 countries; Trade volume: Maddison (1985), weighted average of 16 countries.

2007–2010: IMF, World Economic Outlook Database, April 2010.

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What are the key questions that we should ask about the Great Depression? Why the crisis began in 1929 is an obvious start, but more important questions are why it was so deep and why it lasted so long? Sustained recovery did not begin in the United States until the spring of 1933, though the UK trough occurred in late 1931 and in Germany during the following year. Why and how did the depression spread so that it became an international catastrophe? What role did financial crises play in prolonging and transmitting economic shocks? How effective were national economic policy measures designed to lessen the impact of the depression? Did governments try to coordinate their economic policies? If not, then why not? Why did the intensity of the depression and the recovery from it vary so markedly between countries?

Even in recovery, both the UK and the USA experienced persistent mass unemployment, which was the curse of the depression decade (Table 2). Why did the eradication of unemployment prove to be so intractable? In 1937–8 a further sharp depression hit the US economy, increasing unemployment and imposing further deflation. What caused this serious downturn and what lessons did policy-makers draw from it?

Table 2

The Great Depression in the United Kingdom and the United States

1929  100.0  100.0  8.0  100.0

1930  99.9  99.6  12.3  80.5

1931  94.4  97.2  16.4  62.8

1932  95.1  93.7  17.0  60.2

1933  96.0  92.5  15.4  74.3

1934  102.8  91.7  12.9  90.3

1935  106.6  92.6  12.0  100.0

1936  109.9  93.1  10.2  115.9

1937  114.7  96.6  8.5  108.0

1938  118.2  99.3  10.1  88.5

1929  100.0  100.0  2.9  100.0

1930  91.4  96.4  8.9  69.4

1931  85.6  86.3  15.6  35.8

1932  74.4  76.2  22.9  30.8

1933  73.4  74.2  20.9  46.2

1934  81.3  78.4  16.2  45.8

1935  88.6  79.9  14.4  63.1

1936  100.0  80.7  10.0  79.8

1937  105.3  84.1  9.2  50.5

1938  101.6  81.7  12.5  61.7

Note: Unemployment based on the whole-economy series constructed by Weir (1992).

Sources: UK: Real GDP: Feinstein (1972); GDP deflator: Feinstein (1972); Unemployment: Boyer and Hatton (2002); Stock market prices: Mitchell (1988). USA : Carter et al. (2006).

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By the late twentieth century, the memory of international financial seizure in the US and Europe, mass unemployment, and severe deflation had receded. However, during 2007–8, an astonishing and unexpected collapse occurred which caused all key economic variables to fall at a faster rate than they had during the early 1930s. As Eichengreen and O’Rourke (2010) report, the volume of world trade, the performance of equity markets, and industrial output dropped steeply in 2008. Moreover, a full-blown financial crisis quickly emerged. The US housing boom collapsed and sub-prime mortgages, which had been an attractive investment both at home and abroad, now became a millstone round the necks of those financial institutions that had eagerly snapped them up. In April 2007, New Century Financial, one of the largest sub-prime lenders in the US, filed for Chapter 11 bankruptcy. In August, Bear Stearns, an international finance house heavily involved in the sub-prime market, teetered on the verge of bankruptcy. The US Treasury helped finance its sale to J. P. Morgan during the following year. During 2008 the financial crisis developed with a sudden and terrifying force. In September, Freddie Mac and Fannie Mae, which together accounted for half of the outstanding mortgages in the US, were subject to a federal takeover because their financial condition had deteriorated so rapidly. At the same time Lehman Brothers, the fourth largest investment bank in the US, declared bankruptcy. It seemed as if financial meltdown was not only a possibility, it was a certainty unless drastic action was taken.

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