Herbert Hoover s The Great Depression - 2059 Words

Herbert Hoover got many things wrong about the great economic calamity that destroyed his presidency and his historical reputation, but he got one thing right. Much legend to the contrary, the Great Depression was not entirely, perhaps not even principally, made in America. â€Å"The primary cause of the Great Depression, â€Å"was the war of 1914–1918.† Though economists and historians continue to this day to debate the proximate causes of the Great Depression, there can be little doubt that the deepest roots of the crisis lay in the several chronic infirmities that afflicted the post–World War I international economic order and touched every country on the planet. The fighting had taken a cruel toll on key economies like those of Britain, France, and Germany, the core societies of the advanced industrialized world. The lingering distortions in trade, capital flows, and exchange rates occasioned by the heedlessly punitive Treaty of Versailles, as the economist John Maynard Keynes observed at the time, managed to perpetuate in peacetime the economic disruptions that had brought so much hardship in wartime. What was more, memories of the war’s bitter fighting and vengeful conclusion rendered the post-war international atmosphere toxic, poisoning the wells of traditional diplomacy and dooming any efforts at concerted multi-lateral action to deal with the gathering crisis. To those abundant physical and institutional ills might be added the psychological maladies ofShow MoreRelatedThe Great Depression : President s Franklin Roosevelt And Herbert Hoover1033 Words   |  5 PagesMarch 2015 The Great Depression President s Franklin Roosevelt and Herbert Hoover were both faced with the challenge of the Great Depression, and if the were here today I feel they would each deal with the healthcare issue in America in different ways. Each president handled this massive challenge in very different ways. Today, a lot of controversy is on our nation’s health care, and the Obamacare Act. In my opinion, Roosevelt would more than likely help encourage this act, while Hoover on the otherRead MoreHerbert Hoover : The First President Of The United States996 Words   |  4 PagesHour Mr. Parrott 30 Mar. 2015 Herbert Hoover Term Paper  ¨Freedom is the open window through which pours the sunlight of the human spirit and human dignity. ¨ (Herbert Hoover). 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Hoover and the Great Depression1658 Words   |  7 PagesRoosevelt and Hoover The Great Depression drastically changed Americas definition of Liberalism. Prior to the onset of the depression, in the roaring twenties, policies of laissez-faire were considered liberal, radical, revolutionary, and even democratic. This was due to the fact that revolution was a horrifying notion and not until after the laissez-faire and the system of free market fails in the 1920s do people begin to look about for alternatives. The time when people starting to seek alternatives