Sunday, July 17, 2011

How did Herbert Hoover contribute to help The Great Depression?

He didn't help all that much. He was a strong believer in rugged individualism and thought that the government helping out individuals directly would destroy the morality of the country. So basically the only thing he did to help people out during the Great Depression was the Reconstruction Finance Corporation, which lent money to businesses but NOT to individuals directly. He believed that if business prospered, the wealth would eventually trickle down to the common man. Even this was a bit out of his comfort zone as he thought the government was encroaching upon the boundaries between economy and government, so it is pretty good that he even signed this. It helped, but there was a lot room for improvement and further aid to the economy.

No comments:

Post a Comment