Roosevelt and the New Deal: 1929-45

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The first major panic came on 24 October 1929. It marked the beginning of the Great Depression in the United States, as falling share prices triggered fear, selling, and a wider economic collapse.

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On 28 October 1929, some 16.5 million shares changed hands. This showed the panic and scale of selling in the stock market after the crash began.

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The crash had four main structural causes: overproduction in industry, maldistribution of wealth and income, weaknesses in the banking system, and weaknesses in the international economy. Together, th…

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It means wealth was unevenly shared. In 1929, one-third of national income was held by 5 per cent of the population, while over 70 per cent earned below $2,500 per year. This reduced buying power and …

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The banking system was fragile. Almost 5,000 US banks collapsed between 1923 and 1930, and by March 1933 thirty-four states had closed their banks. Bank failures destroyed savings and deepened public …

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The Smoot-Hawley tariff was introduced in 1930. It worsened international trade problems during a period when the world economy was already weakening.

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By 1932 at least 13 million people were unemployed. By early 1933 approximately one-quarter of the entire work force was unemployed, and around 40 million Americans lacked a dependable family income s…

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American industrial production was cut by more than half between 1929 and 1932. Average weekly manufacturing wage fell from $24.16 in 1929 to $16.65 in 1933. These changes show the depth of economic d…