This was due to 9 factors which where used in the economic boom before:
Banks- banks collapsed as they lent money to customers who eventually could not pay it back
Businesses- Simply, they were making more goods than they could sell
Mass production- they over-produced goods and could not sell the rest
Republican policies- the laissez faire was seen as great but business owners did not control their money well, the tariffs made them unable to sell their products abroad and low tax.
Farmers- prices of their goods fell lower and lower so they couldn't pay their mortgages and debts, which ended up them having to sell their farm.
Dust Bowl- also farmers, the land lost fertility and it was unable to grow their goods.
Wall street crash- Loans were unable to be paid back
Unemployment- factories ( as a result of policies and over-production) had to cut the wages and workforce
Smoot Hawley tariff- first a success, but eventually exports and imports decreased by around 60% each and hoover did not sign it until 1930
what about it
the wall street crash by any chance?
October 1929
october, 1929
Thursday, October 24, 1929.
what about it
the wall street crash by any chance?
1929
October 1929
1929
october, 1929
Thursday, October 24, 1929.
thursday
1929
it's the wall street crash
Within a short amount of time 100,000 companies were forced to shut down due to the wall street crash in 1929.
the wall street crash, which was the misuse of the stock market that caused the world to suffer.