Herbert Hoover
- Hoover's Reactions to the stock market crash:
- High Tariffs: Put high tax on trade in an attempt to gain money. But this actually discouraged trade because it caused other countries to put up high tariffs.
- Laissez faire capitalism: This is an area when Liberal and right wing policy becomes grey: Does the government, who tries not to intervene on its people's lives, bail out a company when they are going under? What companies should be bailed or not? Who pays for the bailout? Hoover decided to adopt a policy of private ownership and little infringement from government (laissez fare)
- Government restriction on immigration: This was adopted because it prevented, particularly asian people, from coming into the country and taking jobs from American Citizens.
- On the whole, Hoover's legacy in the Depression is not viewed positively by history.
Subjunctive Questions: What if Hoover had more 'Keynesian' ideas about government and the economy? Would an immediate reaction have stayed the more severe impacts of the crash?
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