- There were a collapse of land prices
- The were too many products being made without enough people to buy
- The farmers had produced too much food, so the prices of the product was low
- There were too many small banks using Hire Purchase (Credit)
The Results of Great Depression
- Unemployment. Almost 13 million people were unemployed.
- Industrial production dropped by 45%
- House building fell by 80%
- Starvation
- 110 deaths during the great depression.
- The entire American banking system collapsed. At least 5 thousand banks went out of business.
Hoovervilles
poorly built settlements where the people lived in poverty. sarcastically named after the president.