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Article: Great Depression, Causes of (Issue)
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 1999 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREAT DEPRESSION, CAUSES OF
(ISSUE)
After the presidential election of Herbert C. Hoover, (1929
–
33) in November, 1928, it seemed that all was well in the United States. The economy was prosperous and the stock market was booming. The President had promised that economic gains would continue and that poverty would disappear. Most people believed Hoover and they looked forward to a
bright future. But already there were signs that the economic system was not as sound as it appeared to be
—
soon the great collapse began.
The most crucial barrier to U.S. economic health was the unstable character of the international economy following World War I (1914
–
1918). Before ...