Where should we Place the Blame?
Qn. 1 Hoover’s presidency will be forever shadowed by the Great Depression. Is it fair to blame Hoover’s actions or inactions for the great depression?
The great depression took place at the time when President Hoover was in power. Historians and Economist came up with various reasons that were led and facilitated the great depression that affected not only the US but also the international economy. With Hoover in power, he significantly promoted some factors that led to the great depression. It is for this reason that a section ...of historians and economist blame Hoover’s presidency for the depression. Although his administration contributed to the recession, other factors occurred without his involvement at any point. Following the activities and actions taken by Hoover’s presidency, a critical analysis will be conducted to find out if it is fair to blame his administration for the depression.
To begin with, Hoover’s presidency was responsible for creating and implementing policies that would help prevent or facilitate the great depression. Instead, Hoover went ahead and approved policies that had adverse impacts on the US and world economy. For instance, Hoover made a mistake when he signed into law the Smoot-Hawley Act which raised taxes on imports. In so doing, many nations and companies cancelled their businesses with the US. Moreover, Hoover encouraged the increased number of machinery in most industries to increase production. With the increased production, supply increased drastically while the demand was low in the market. The move was a suggestion made by Hoover in his later to Louis L. Emerson on July 10, 1931. All this lead to an imbalance in the economy as most of the goods produced goes to waste without any return. The plan was not a success as he hoped to as it created a big gap in the US economy.
On the other hand, some causes were natural and had a significant impact on the great depression. For instance, the drought that occurred in the Mississippi Valley in 1930 was severe to the point that made many people miserable. Most people had to take chances where they sold their farms at a loss so that to be able to pay taxes and other expenses. Such a situation made the US government move an extra step in taking care of the people as a tragedy hit them. The resources used by the US government were high, and there was no return or proper strategy to fund the same activity.
In conclusion, it is clear that the great depression was facilitated by various factors that were directly or indirectly facilitated by President Hoover. However, critically analyzing the factors, it is true that Hoover’s presidency aided the more significant percentage of the factors. Therefore, it is fair to blame Hoover’s actions and inactions for the great depression.
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