Herbert Hoover's Underlying Causes Of The Great Depression

The Great Depression was an almost global event that affected many countries between 1929-1929. There are many reasons and underlying causes for the depression and stock market crash. Some blame Herbert Hoover and his Individualistic Ideals. Herbert Hoover didn’t actually have much to do with the depression, and there wasn’t much he could’ve done. The depression was caused by poor American spending and consumerism, advancements in farming, and the unequal distribution of wealth. The Great Depression may have officially started in 1929, but its roots lie long before then. First off, instead of saving, the media influenced Americans to live certain lifestyles “at any cost”. Pg783 Americans spent more and more of their income on leisure activities

A fall in the stock market was inevitable, but no one expected it to come with much force. It was so severe that it “destroyed many of the investment companies,” and wiped out thousands of investors. And it “greatly reduced business and consumer confidence”. The global financial system at the time was in no condition to fix the downturn because it had grown used to the “Golden Standard”. The world was used to America being a large, successful industrial force, and so were Americans. P810 Herbert Hoover slides into the mix a year before then, around the election of 1928. He was destined to be the most successful president of all time. After gaining fame for coordinating international food relief, he emerged the “only man” to have his reputation boosted by the peace conference and treaty of Versailles. He had “never known failure” and was supposed to bring in a “New Era” to America. He was a strong supporter of “American Individualism” condemning a government that regulates the public economy. Since he was such a strong “American” he won the election in a