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How Did Hoover Contribute To The Great Depression

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Teddy Roosevelt: The 26th President of the U.S. He served from 1901 - 1909. He was born In New York City on October 27, 1858 and died on January 6, 1919. Roosevelt was known for his progressive policies and breaking up monopolies. Roosevelt was also known for his charismatic personality and his eagerness to explore the outdoors. Herbert Hoover: Herbert Hoover was the 31st President of the U.S. He served from 1929-1933. He was born on August 10, 1874, in West Branch, Iowa, and died on October 20, 1964, in New York City. Hoover was a successful businessman and engineer before entering the political scene. Hoover won the presidential election in 1928, but his term was marked by the Great Depression, which began shortly after he took office. …show more content…

It affected many countries around the world. There is not a single cause of the Great Depression, but many things and events that contributed to its onset. One of the contributions in relation to the Great Depression was the Stock Market crash of 1929. The Crash led to the loss of billions of dollars in value. This was a significant event that triggered the Depression. Another contribution towards the Great Depression was overproduction of goods. This eventually led to a decline in prices, reduced profits, a decrease in wages and employment. Unequal Distribution of Wealth also triggered the Great Depression. The majority of wealth was in the hands of a few; this resulted in reduced purchasing power of most Americans. This led to decreased demand for goods and services. Lastly, one of the major contributions to the Great Depression was the failure in banks. The failure of banks led to the loss of savings, a reduction in available credit, and a decrease in consumer confidence. President Herbert Hoover's administration was also greatly blamed for the Great Depression. His policies were seen as inadequate in addressing the economic crisis. However, I think it is important to know that the Great Depression was a complex tragedy. For me it is difficult to point the blame at a single administration. The effects of the depression were felt long after Hoover's presidency. It also took a combination of government policies and outside factors, such as World War II, to bring the country out of the depression. However, if I did have to put the blame on one administration during the Great Depression I would place it on Hoover only because he didn’t intervene into the economy and because of his loyalty to the laissez- faire economic principles which did nothing to help the depression. The New Deal was a series of programs and policies implemented by President Franklin D.

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