Tariffs in the great depression Video
Tariffs and the Great Depression tariffs in the great depression.
The reasons are manifold.
This time is sometimes called as the jazz ageas Jazz music started gaining nationwide popularity in the United States. Celebrities and entertainment were in the limelight.
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The wartime economy soon transitioned in https://digitales.com.au/blog/wp-content/custom/the-advantages-and-disadvantages-of-technology-in/the-slave-ship-joseph-turner.php peacetime economy as government started the reconstruction of many damaged properties. Soldiers were back from the war and started looking for jobs. New technologies like radio, washing machine, vacuum cleaners, refrigerator became part of everyday life of the middle class and hence companies started mass production.
The Auto, Steel, Construction, Oil industries, etc saw a boom in the early 20s.
Although urban Americans were benefited by the economic boom, the farmers and rural Americans were left out. Agriculture, which was once a profitable sector during WWI was the weakest sector of the economy in 20s.
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grear They had bought tractors and farmlands speculating a boom post WWI, but eventually found themselves in debts as prices went down and filed bankruptcies by Tariffs in the great depression Great depression came to them much earlier than This is often known by the term laissez faire, which means to let go.
Thus, Laissez Faire Capitalism was encouraged. To the surprise, the no. Bythe middle class found the stock market as a key to get rich quicker. The demand for home appliances and cars dropped as they started taking loans to invest in the stock market, they even kept their houses on mortgage. Soon banks fell short of money and started calling in loans from the companies, the people invested the money in.
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This resulted in the collapse of the stock market in October, In grext to support the farmers and other industries in the United States, Hoover signed the Hawley-Smoot tariff bill which raised U. S tariffs on almost all imported goods. Few economists believed that this act worsened the effects of the great depression as Europeans retaliated by raising the costs of raw materials, the United States imported. The cost of products went up and demand decreased. Since the U. S market was closed for European products, European companies started manufacturing less and generating less revenue. However the tariffs were soon reduced in by Franklin Roosevelt32nd president of the United States.
Half the banks filed for bankruptcies. Since the companies were shut, the unemployment rate rose from 3. tariffs in the great depression
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