• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Examine the claim that Hoover was responsible for the dramatic collapse of the economy after the Wall Street Crash.

Extracts from this document...


Examine the claim that Hoover was responsible for the dramatic collapse of the economy after the Wall Street Crash. After October 1929 the American economy has experienced one of its most difficult stages in history. The Wall Street Crash resulted in disastrous circumstances, which affected the American as well as the European economy to a great extent. However, according to modern interpretations the economy started to collapse even bore the crash of the stock market, and it has been estimated that the depression started much earlier than initially thought. During the 1920s America has experienced an enormous economic and industrial growth, which revolutionized the country completely. Nevertheless, at the same time there were many issues within the society which remained unresolved and contributed to the collapse of the economy. The country was suffering from unemployment, unregulated banking system, overproduction and other agricultural problems. There are various schools of thoughts which disagree who was responsible for resolving the crisis. Hoover, who was president at the time has been blamed for the terrible state of the economy, and opposed by many due to his failing and insufficient policies. ...read more.


This demonstrates how ineffective his administration was and that the government did not involve itself enough. Hoover's actions didn't improve the situation, but exacerbated the problems further. Hoover failed to address the problem of unemployment effectively and during his presidency the figures rose by a further 6.4 million. His launch of the biggest public work schemes was dependent on voluntary organization and not reliant on the federal government. He called on municipal and state governments to provide the aid and support. Since his policies were permissive rather than obligatory, they had no real effect. Hoover also recognized the issue within agricultural sector and its strong link with the failing economy. However, even despite that awareness he was not able to "show flexibility" in his principles. The Congress proposed another bill to solve the issue of overproduction by subsidizing farmers to reduce production; however this undermined the principle of voluntarism and was vetoed by Hoover. Parrish also emphasies that the "economic crisis required maximum co-operation between President and Congress". Roosevelt in his speech also recognizes that "the country needs" and "demands bold, persistent experimentation" in order to end the crisis. ...read more.


His criticism of business leaders is likely to be biased as he upholds left-wing ideas and is strongly against capitalism. Although it is true that banks did not want intervention in their regulations, it is important to recognize Hoover's lack of more direct intervention as he responsible for arranging adequate laws to improve the situation. Overall, Hoover attempted to improve the situation of the country. Most of his policies resulted in more disastrous effects than expected, such as the Hawley- Smoot Tariff, which damaged the economy further. However, he was the first president in American history to contribute in providing as much governmental relief for ordinary people. Historians recgonise his efforts to recover the market; however they also highlight his failures, which outweigh the positive aspects of his presidency. Despite his involvement his action was not sufficient enough to lift America out of the crisis. His main fault was his inability to detach himself from the principle of voluntarism and organize more direct governmental aid. Although some Hoover's ideas were practical, he did not have the right approach and application of them. Hence Hoover should be credited for his attempts to help the American economy, but at the same time he was responsible for not doing enough and letting the situation exacerbate further. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level International History, 1945-1991 section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level International History, 1945-1991 essays

  1. The great war plan, preparations, collapse, and recovery - a revised view

    This was simply too bad to be true and demanded a better explanation, which Suvorov provides. 2. It appears as if once the fighting started, the quality advantage of the formidably efficient Germans over the poor Russian soldiers was so great, that it resulted in amazing, enormous, total and almost

  2. Why did tsarism collapse?

    The economy continued to grow but Russia was still far behind the other great powers as inefficient agriculture was a drag on the Russian economy . However Russia had developed a nascent consumer society and, although the workers were not seeing the rewards, profits were increasing leading to increased foreign investment.

  1. American History.

    were lazy. As the colonists were mainly? gentlemen expecting to somehow magically discover gold and get rich, they were totally unprepared for the notion of *gasp* manual labor. - Not surprisingly, they had a 90% mortality rate on the first wave of colonists. *Jamestown and the Powhatan Confederacy* - So why wasn't this another failure?

  2. Khrushchev's attempts at modernisation.

    1999: Why did Khrushchev's agricultural and industrial policies have so little success? (15) Khrushchev was well aware of the failings of Soviet industry and agriculture when he became leader.

  1. Disadvantages of Capitalism.

    make seven years at medical school a very appealing option Socialism oppresses many aspects of human nature which, however good or bad, make us the individuals that we are, these aspects could include; ambition, greed and generosity. A Mixed System For Society For both Capitalism and Socialism the disadvantages far

  2. After the collapse of the Twin Towers of the World Trade Center, the world ...

    But the struggle we face is not the clash of several distinct and equal cultures fighting amongst one another like the great powers of 19th-century Europe. The clash consists of a series of rearguard actions from societies whose traditional existence is indeed threatened by modernization.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work