SOSC 3130 Lecture Notes - Lecture 4: Morality, International Trade, National Labor Relations Act
23 Dec 2014
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Document Summary
1929 stock market crash beginning of economic crisis globally. People were worried and started selling their stocks. Fear the ability of banks: run on the banks bank failures. Ability to take out money from the back. Huge numbers of people demanded that their money be delivered to them. 1933; 50% of american banks went under. Depositor insurance did not exist in the 1930s. Turning point in peoples thinking in fiscal responsibility. Time that people hid money under their matrasses because they feared that banks could not protect their money. Grasshoppers were hopping from field to field people thought they were clouds; farmers lost their farms; farmers traveled to california to start new: massive unemployment; int"l trade collapse; exports to usa limited; job losses huge. International trade also collapsed countries were not exporting products to the us, Canada exports to the us canada could not help them.
