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149-636: A liberal Democrat of the Midwestern populist tradition, Truman was determined to both continue the legacy of the New Deal and to make Franklin Roosevelt 's proposed Economic Bill of Rights a reality, while making his own mark on social policy. In a scholarly article published in 1972, historian Alonzo Hamby argued that the Fair Deal reflected the "vital center" approach to liberalism which rejected totalitarianism,

298-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

447-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

596-627: A U.S. Army by Native Americans. The British demanded the establishment of a Native American barrier state at the Treaty of Ghent which ended the War of 1812 , but American negotiators rejected the idea because Britain had lost control of the region in the Battle of Lake Erie and the Battle of the Thames in 1813, where Tecumseh was killed by U.S. forces. The British then abandoned their Native American allies south of

745-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

894-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1043-455: A house, clearing the ground, and planting crops. A number of means facilitated the legal settlement of the territories in the Midwest: land speculation , federal public land auctions , bounty land grants in lieu of pay to military veterans, and, later, preemption rights for squatters. The "squatters" became "pioneers" and were increasingly able to purchase the lands on which they had settled for

1192-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1341-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

1490-552: A number of other public-health initiatives were enacted during Truman's presidency: Under Truman, many adjustments were made to the social welfare system, although one of his key aims, to extend Social Security coverage to 25 million Americans, was never accomplished. Despite this, 10 million received Social Security coverage. A centerpiece of the Fair Deal—the repeal of the Taft–Hartley Act —failed to pass. As Plotke notes, "By

1639-497: A right to expect from his government a fair deal." The proposed measures included: Despite a mixed record of legislative success, the Fair Deal remains significant in establishing the call for universal health care as a rallying cry for the Democratic Party . Lyndon B. Johnson credited Truman's unfulfilled program as influencing Great Society measures such as Medicare that Johnson successfully pushed through Congress during

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1788-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

1937-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

2086-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

2235-534: A supernatural being who lived in the sky and was believed to have created the world and the Huron people. At death, Hurons thought the soul left the body to live in a village in the sky. Chippewas were a deeply religious people who believed in the Great Spirit. They worshiped the Great Spirit through all their seasonal activities, and viewed religion as a private matter: Each person's relation with his personal guardian spirit

2384-538: A written form of language. In the 16th century, the natives of the area used projectiles and tools of stone, bone, and wood to hunt and farm. They made canoes for fishing. Most of them lived in oval or conical wigwams that could be easily moved away. Various tribes had different ways of living. The Ojibwas were primarily hunters and fishing was also important in the Ojibwas economy. Other tribes such as Sac, Fox, and Miami, both hunted and farmed. They were oriented toward

2533-883: Is Heartland . Among the Native Americans , Paleo-Americans cultures were the earliest in North America, with a presence in the Great Plains and Great Lakes areas from about 12,000 BCE to around 8,000 BCE. Following the Paleo-American period is the Archaic period (8,000 BCE to 1,000 BCE), the Woodland Tradition (1,000 BCE to 100 CE), and the Mississippian Period (900 to 1500 CE). Archeological evidence indicates that Mississippian culture traits probably began in

2682-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

2831-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

2980-506: Is the area between the historical foreground of European invasion and occupation and the background of Indian defeat and retreat. White specifically designates "the lands bordering the rivers flowing into the northern Great Lakes and the lands south of the lakes to the Ohio" as the location of the middle ground. This includes the modern Midwestern states of Ohio, Indiana, Illinois, Wisconsin, and Michigan as well as parts of Canada. The middle ground

3129-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

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3278-741: The Algonquian language family. Some tribes—such as the Stockbridge-Munsee and the Brothertown —are also Algonkian-speaking tribes who relocated from the eastern seaboard to the Great Lakes region in the 19th century. The Oneida belong to the Iroquois language group and the Ho-Chunk of Wisconsin are one of the few Great Lakes tribes to speak a Siouan language. American Indians in this area did not develop

3427-522: The Arikara , Hidatsa , Iowa , Kaw (or Kansa) , Kitsai , Mandan , Missouria , Nez Perce , Omaha , Osage , Otoe , Pawnee , Ponca , Quapaw , Santee , Wichita , and Yankton . The nomadic tribes of the Great Plains survived on hunting ; some of their major hunts centered on deer and buffalo. Some tribes are described as part of the "Buffalo Culture" (sometimes called, for the American bison ). Although

3576-481: The Blackfoot , Arapaho , Assiniboine , Cheyenne , Comanche , Crow , Gros Ventre , Kiowa , Lakota , Lipan , Plains Apache (or Kiowa Apache), Plains Cree , Plains Ojibwe , Sarsi , Shoshone , Stoney , and Tonkawa . The second group of Plains Indians (sometimes referred to as Prairie Indians) were the semi-sedentary tribes who, in addition to hunting buffalo, lived in villages and raised crops. These included

3725-528: The Eisenhower and Kennedy administrations, culminating in the sweeping tide of progressive legislation under Lyndon Johnson's Great Society agenda. In September 1945, Truman addressed Congress and presented a 21-point program of domestic legislation outlining a series of proposed actions in the fields of economic development and social welfare. The measures that Truman proposed to Congress included: Finally, Truman announced that he would soon "communicate with

3874-629: The Great Lakes region . The West North Central Division includes Iowa, Kansas, Minnesota, Missouri, North Dakota, Nebraska, and South Dakota, several of which are located, at least partly, within the Great Plains region. Chicago is the most populous city in the American Midwest and the third-most populous in the United States. Chicago and its suburbs , colloquially known as Chicagoland , form

4023-622: The Haitian Revolution and together with the fact that France could not effectively defend Louisiana from a possible British attack, he sold the territory to the United States in the Louisiana Purchase of 1803. Meanwhile, the British maintained forts and trading posts in U.S. territory, refusing to give them up until 1796 by the Jay Treaty . American settlement began either via routes over

4172-478: The Housing Act of 1949 , Truman had to be content with civil rights' gains achieved by executive order or through the federal courts. Vaughan argues that by continuing appeals to Congress for civil rights legislation, Truman helped reverse the long acceptance of segregation and discrimination by establishing integration as a moral principle. On November 19, 1945, Truman spent a Special Message to Congress recommending

4321-538: The Kansas City metro area , the Columbus metro area , and Greater Cleveland . The region's economy is a mix of heavy industry and agriculture, with extensive areas forming part of the United States' Corn Belt . Finance and services such as medicine and education are becoming increasingly important. Its central location makes it a transportation crossroads for river boats, railroads, autos, trucks, and airplanes. Politically,

4470-564: The Louisiana Purchase , and establish trade and U.S. sovereignty over the native peoples along the Missouri River . The Lewis and Clark Expedition established relations with more than two dozen indigenous nations west of the Missouri River. The Expedition returned east to St. Louis in the spring of 1806. The Midwest has been a key swing district in national elections, with highly contested elections in closely divided states often deciding

4619-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

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4768-721: The Saint Lawrence River by Jacques Cartier in 1534 and ending with their cessation of the majority of their holdings in North America to the Kingdom of Great Britain in the Treaty of Paris (1763) . In 1673 the Governor of New France sent Jacques Marquette , a Catholic priest and missionary, and Louis Jolliet , a fur trader , to map the way to the Northwest Passage to the Pacific. They traveled through Michigan's upper peninsula to

4917-752: The St. Louis, Missouri area and spread northwest along the Mississippi and Illinois rivers and entered the state along the Kankakee River system. It also spread northward into Indiana along the Wabash , Tippecanoe , and White Rivers. Mississippian peoples in the Midwest were mostly farmers who followed the rich, flat floodplains of Midwestern rivers. They brought with them a well-developed agricultural complex based on three major crops— maize , beans , and squash . Maize, or corn,

5066-457: The Treaty of Paris , Spain was given Louisiana ; the area west of the Mississippi. St. Louis and Ste. Genevieve in Missouri were the main towns, but there was little new settlement. France regained Louisiana from Spain in exchange for Tuscany by the terms of the Treaty of San Ildefonso in 1800. Napoleon had lost interest in re-establishing a French colonial empire in North America following

5215-525: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

5364-468: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

5513-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

5662-523: The 1960s. The Fair Deal reforms helped to transform the United States from a wartime economy to a peacetime economy. In the context of postwar reconstruction and the Cold War , the Fair Deal sought to preserve and extend the liberal tradition of President Franklin Delano Roosevelt 's New Deal . However, the Fair Deal faced much opposition from the many conservative politicians who wanted a reduced role of

5811-710: The Appalachian Mountains or through the waterways of the Great Lakes. Fort Pitt (now Pittsburgh ) at the source of the Ohio River became the main base for settlers moving into the Midwest. Marietta, Ohio in 1787 became the first settlement in Ohio, but not until the defeat of Native American tribes at the Battle of Fallen Timbers in 1794 was large-scale settlement possible. Large numbers also came north from Kentucky into southern Ohio, Indiana and Illinois. The region's fertile soil produced corn and vegetables; most farmers were self-sufficient. They cut trees and claimed

5960-745: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

6109-519: The Congress recommending a national health program to provide adequate medical care for all Americans and to protect them from financial loss and hardships resulting from illness and accident." (See the Healthcare section below.) Truman did not send proposed legislation to Congress; he expected Congress to draft the bills. Many of these proposed reforms, however, were never realized due to the opposition of

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6258-517: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

6407-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

6556-615: The Endeavors of Government, or Fear of Indians has kept them properly within Bounds." The British had a long-standing goal of establishing a Native American buffer state in the American Midwest to resist American westward expansion. With victory in the American Revolution the new government considered evicting the squatters from areas that were now federally owned public lands. In 1785, soldiers under General Josiah Harmar were sent into

6705-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

6854-577: The French and British, conflicts and treaties with the United States both during the Revolutionary War and after , and its ultimate clearing/erasure throughout the nineteenth century. European settlement of the area began in the 17th century following French exploration of the region and became known as New France , including the Illinois Country . The French period began with the exploration of

7003-534: The French and the British into competition with each other to their own benefit. The Indian demand for certain kinds of cloth in particular fueled this competition. This, however, changed following the Seven Years' War with Britain's victory over France and the cession of New France to Great Britain. The British attempted to establish a more assertive relationship with the Indians of the pays d'en haut , eliminating

7152-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

7301-527: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

7450-414: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

7599-411: The Ohio country to destroy the crops and burn down the homes of any squatters they found living there. But overall the federal policy was to move Indians to western lands (such as the Indian Territory in modern Oklahoma) and allow a very large numbers of farmers to replace a small number of hunters. Congress repeatedly debated how to legalize settlements. On the one hand, Whigs such as Henry Clay wanted

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7748-470: The Plains Indians hunted other animals, such as elk or antelope , bison was their primary game food source. Bison flesh, hide, and bones from bison hunting provided the chief source of raw materials for items that Plains Indians made, including food, cups, decorations, crafting tools, knives, and clothing. The tribes followed the bison's seasonal grazing and migration. The Plains Indians lived in teepees because they were easily disassembled and allowed

7897-471: The Truman administration were unparalleled in American history. By 1953, 62 million Americans had jobs, a gain of 11 million in seven years, while unemployment had all but vanished. Farm income, dividends, and corporate income were at all-time highs, and there had not been a failure of an insured bank in nearly nine years. The minimum wage had also been increased while Social Security benefits had been doubled, and eight million veterans had attended college by

8046-491: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

8195-435: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

8344-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

8493-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

8642-400: The adoption and funding of "a comprehensive and modern health program for the Nation, consisting of five major parts": On the same day, New York Senator Robert F. Wagner introduced S. 1606, known as the Wagner-Murray-Dingell Bill , containing legislative provisions to enact Truman's national health program into law. After intense debates in Congress, the bill failed to pass. However,

8791-614: The alliance it created. In the meshed French and Algonquian system of trade, the Algonquian familial metaphor of a father and his children shaped the political relationship between the French and the Natives in this region. The French, regarded as the metaphoric father, were expected to provide for the needs of the Algonquians and, in return, the Algonquians, the metaphoric children, would be obligated to assist and obey them. Traders coming into Indian villages facilitated this system of symbolic exchange to establish or maintain alliances and friendships. Marriage also became an important aspect of

8940-490: The ballot, and the right to a fair trial in a fair court." As President, he put forward many civil rights programs but they were met with a lot of resistance by southern Democrats. All his legislative proposals were blocked. However, he used presidential executive orders to end discrimination in the armed forces and denied government contracts to firms with racially discriminatory practices. He also named African Americans to federal posts. Except for nondiscrimination provisions of

9089-405: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

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9238-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

9387-546: The broad Interior Plain between the states occupying the Appalachian Mountain range and the states occupying the Rocky Mountain range . Major rivers in the region include, from east to west, the Ohio River , the Upper Mississippi River , and the Missouri River . The 2020 United States census put the population of the Midwest at 68,995,685. The Midwest is divided by the U.S. Census Bureau into two divisions. The East North Central Division includes Illinois, Indiana, Michigan, Ohio, and Wisconsin, all of which are also part of

9536-410: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

9685-411: The conflict, the British government was forced to compromise and loosely re-created a trade system that was an echo of the French one. While French control ended in 1763 after their defeat in the Seven Years' War, most of the several hundred French settlers in small villages along the Mississippi River and its tributaries remained, and were not disturbed by the new British administration. By the terms of

9834-513: The conservative majority in Congress, further solidified after the Republicans took control of both houses in the 1946 midterm elections . Despite these setbacks, Truman's proposals to Congress became more and more abundant over the course of his presidency, and by 1948 a legislative program that was more comprehensive came to be known as the "Fair Deal". In his 1949 State of the Union address to Congress on January 5, 1949, Truman stated that "Every segment of our population, and every individual, has

9983-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

10132-442: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

10281-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

10430-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

10579-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

10728-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

10877-483: The early 1950s repeal of Taft–Hartley was only a symbolic Democratic platform statement." As Donaldson notes, the major proposal for large-scale federal aid to education "died quickly, mostly over whether aid should be given to private schools." During the Truman years, the role of the federal government in the field of housing provision was extended, with one major reform in particular (the Housing Act of 1949 ) passed with

11026-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

11175-430: The end of the Truman administration as a result of the G.I. Bill , which subsidized the businesses, training, education, and housing of millions of returning veterans. Millions of homes had been financed through previous government programs, and a start was made in slum clearance. Poverty was also significantly reduced, with one estimate suggesting that the percentage of Americans living in poverty had fallen from 33% of

11324-627: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

11473-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

11622-491: The federal government. During these postwar years, the nation enjoyed a return to prosperity not seen since before the Great Depression , and support for conservative politicians grew. The Fair Deal faced opposition by a coalition of conservative Republicans and predominantly southern conservative Democrats. However, despite strong opposition, there were elements of Truman's agenda that did win congressional approval, such as

11771-501: The female line, while the others favored the patrilineal method. All tribes were governed under chiefdoms or complex chiefdoms. For example, Hurons were divided into matrilineal clans, each represented by a chief in the town council, where they met with a town chief on civic matters. But Chippewa people's social and political life was simpler than that of settled tribes. The religious beliefs varied among tribes. Hurons believed in Yoscaha ,

11920-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

12069-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

12218-567: The global climate change of the Little Ice Age . Their culture effectively ended before 1492. The major tribes of the Great Lakes region included the Huron , Ottawa , Ojibwe , Potawatomi , Ho-Chunk , Menominee , Sauk , Meskwaki , Neutrals , and the Miami . Most numerous were the Huron and Ho-Chunk. Fighting and battle were often launched between tribes, with the losers forced to flee. Most are of

12367-613: The government to get maximum revenue and also wanted stable middle-class law-abiding settlements of the sort that supported towns (and bankers). Jacksonian Democrats such as Thomas Hart Benton wanted the support of poor farmers, who reproduced rapidly, had little cash, and were eager to acquire cheap land in the West. Democrats did not want a big government, and keeping revenues low helped that cause. Democrats avoided words like "squatter" and regarded "actual settlers" as those who gained title to land, settled on it, and then improved upon it by building

12516-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

12665-461: The growing influence of women in the fur trade also came the increasing demand of cloth which very quickly grew to be the most desired trade good. English traders entered the Ohio country as a serious competitor to the French in the fur trade around the 1690s. English (and later British) traders almost consistently offered the Indians better goods and better rates than the French, with the Indians being able to play that to their advantage, thrusting

12814-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

12963-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

13112-554: The issues of civil rights". Note: This listing contains reforms drawn up by the Truman Administration together with reforms drawn up by individual Congressmen. The latter have been included because it is arguable that the progressive nature of these reforms (such as the Water Pollution Law, which was partly a Republican initiative) was compatible with the liberalism of the Fair Deal. As Senator, Truman had not supported

13261-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

13410-569: The lakes. The Native Americans ended being the main losers in the War of 1812 . Apart from the short Black Hawk War of 1832, the days of Native American warfare east of the Mississippi River had ended. In 1803, President Thomas Jefferson commissioned the Lewis and Clark Expedition that took place between May 1804 and September 1806. Launching from Camp Dubois in Illinois, the goal was to explore

13559-641: The land, then sold it to newcomers and then moved further west to repeat the process. Settlers without legal claims, called "squatters", had been moving into the Midwest for years before 1776. They pushed further and further down the Ohio River during the 1760s and 1770s and sometimes engaged in conflict with the Native Americans. British officials were outraged. These squatters were characterized by British General Thomas Gage as "too Numerous, too Lawless, and Licentious ever to be restrained", and regarded them as "almost out of Reach of Law and government; Neither

13708-655: The largest metropolitan area with 10 million people, making it the fourth-largest metropolitan area in North America , after Greater Mexico City , the New York metropolitan area , and Greater Los Angeles . Other large Midwestern cities include Columbus , Indianapolis , Detroit , Milwaukee , Kansas City , Omaha , Minneapolis , Wichita , Cleveland , Cincinnati , St. Paul , St. Louis , and Des Moines . Large midwestern metropolitan areas include Metro Detroit , Minneapolis–St. Paul , Greater St. Louis , Greater Cincinnati ,

13857-458: The liberal task was to spread the benefits of abundance throughout society by stimulating economic growth. Agriculture Secretary Charles F. Brannan wanted to unleash the benefits of agricultural abundance and to encourage the development of an urban-rural Democratic coalition. However, the Brannan Plan was defeated by strong conservative opposition in Congress and by his unrealistic confidence in

14006-453: The location of Native American settlements near the headwaters of the Wabash River , but on November 4 they were routed in battle by a tribal confederation led by Miami Chief Little Turtle and Shawnee chief Blue Jacket . More than 600 soldiers and scores of women and children were killed in the battle, which has since borne the name " St. Clair's Defeat ". It remains the greatest defeat of

14155-578: The long-standing merger loophole in the Clayton Act...Moreover, as protector, as defender, wielder of the veto against encroachments on the liberal preserve, Truman left a record of considerable success – an aspect of the Fair Deal not to be discounted. Although Truman was unable to implement his Fair Deal program in its entirety, a great deal of social and economic progress took place in the late forties and early fifties. A census report confirmed that gains in housing, education, living standards, and income under

14304-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

14453-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

14602-546: The mid-1960s." As noted by one study This was the Congress that reformed the Displaced Persons Act, increased the minimum wage, doubled the hospital construction program, authorized the National Science Foundation and the rural telephone program, suspended the 'sliding scale' on price supports, extended the soil conservation program, provided new grants for planning state and local public works and plugged

14751-611: The middle ground was introduced in Richard White's seminal work: The Middle Ground: Indians, Empires, and Republics in the Great Lakes Region, 1650–1815 originally published in 1991. White defines the middle ground like so: The middle ground is the place in between cultures, peoples, and in between empires and the non state world of villages. It is a place where many of the North American subjects and allies of empires lived. It

14900-558: The minimum price thanks to various preemption acts and laws passed throughout the 1810s-1840s. In Washington, Jacksonian Democrats favored squatter rights while banker-oriented Whigs were opposed; the Democrats prevailed. In 1791, General Arthur St. Clair became commander of the United States Army and led a punitive expedition with two Regular Army regiments and some militia. Near modern-day Fort Recovery , his force advanced to

15049-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

15198-717: The most powerful and dominant tribes were the Dakota or Sioux , who occupied large amounts of territory in the Great Plains of the Midwest. The area of the Great Sioux Nation spread throughout the South and Midwest, up into the areas of Minnesota and stretching out west into the Rocky Mountains. At the same time, they occupied the heart of prime buffalo range, and also an excellent region for furs they could sell to French and American traders for goods such as guns. The Sioux (Dakota) became

15347-642: The most powerful of the Plains tribes and the greatest threat to American expansion. The Sioux comprise three major divisions based on Siouan dialect and subculture: Today, the Sioux maintain many separate tribal governments scattered across several reservations, communities, and reserves in the Dakotas, Nebraska, Minnesota, and Montana in the United States, as well as Manitoba and southern Saskatchewan in Canada. The theory of

15496-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

15645-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

15794-551: The nascent Civil Rights Movement . In a 1947 speech to the National Association for the Advancement of Colored People (NAACP), which marked the first time a sitting president had ever addressed the group, Truman said "Every man should have the right to a decent home, the right to an education, the right to adequate medical care, the right to a worthwhile job, the right to an equal share in the making of public decisions through

15943-533: The national result. From 1860 to 1920, both parties tried to find their presidential and vice presidential candidates from the region. One of the two major political parties in the United States, the Republican Party , originated in the Midwest in the 1850s; Ripon, Wisconsin , had the first local meeting while Jackson, Michigan , had the first statewide meeting of the new party. Its membership included many Yankees out of New England and New York who had settled

16092-410: The native peoples who lived along the route were generally friendly, and that the natural resources of the lands in between were extraordinary. New France officials led by LaSalle followed up and erected a 4,000-mile (6,400 km) network of fur trading posts. The fur trade was an integral part of early European and Indian relations. It was the foundation upon which their interactions were built and

16241-633: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

16390-491: The nomadic life of following game. When Spanish horses were obtained, the Plains tribes rapidly integrated them into their daily lives. By the early 18th century, many tribes had fully adopted a horse culture . Before their adoption of guns, the Plains Indians hunted with spears , bows , and bows and arrows , and various forms of clubs . The use of horses by the Plains Indians made hunting (and warfare) much easier. Among

16539-878: The northern central part of the United States . It was officially named the North Central Region by the U.S. Census Bureau until 1984. It is between the Northeastern United States and the Western United States , with Canada to the north and the Southern United States to the south. The U.S. Census Bureau's definition consists of 12 states in the north central United States: Illinois , Indiana , Iowa , Kansas , Michigan , Minnesota , Missouri , Nebraska , North Dakota , Ohio , South Dakota , and Wisconsin . The region generally lies on

16688-506: The northern tip of Lake Michigan. On canoes, they crossed the massive lake and landed at present-day Green Bay, Wisconsin . They entered the Mississippi River on 17 June 1673. Marquette and Jolliet were the first to map the northern portion of the Mississippi River. They confirmed that it was easy to travel from the St. Lawrence River through the Great Lakes all the way to the Gulf of Mexico by water, that

16837-656: The open prairies where they engaged in communal hunts for buffalo (bison) . In the northern forests, the Ottawas and Potawatomis separated into small family groups for hunting. The Winnebagos and Menominees used both hunting methods interchangeably and built up widespread trade networks extending as far west as the Rockies, north to the Great Lakes, south to the Gulf of Mexico , and east to the Atlantic Ocean. The Hurons reckoned descent through

16986-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

17135-572: The plains and rolling hills of the Great Plains of North America. Their colorful equestrian culture and famous conflicts with settlers and the US Army have made the Plains Indians archetypical in literature and art for American Indians everywhere. Plains Indians are usually divided into two broad classifications, with some degree of overlap. The first group were fully nomadic, following the vast herds of buffalo . Some tribes occasionally engaged in agriculture, growing tobacco and corn primarily. These included

17284-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

17433-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

17582-524: The population in 1949 to 28% by 1952. Incomes had risen faster than prices, which meant that real living standards were considerably higher than seven years earlier. Progress had also been made in civil rights, with the desegregation of both the federal civil Service and the armed forces and the creation of the Commission on Civil Rights . In fact, according to one historian, Truman had "done more than any President since Lincoln to awaken American conscience to

17731-406: The possibility uniting urban labor and farm owners who distrusted rural insurgency. The Korean War made military spending the nation's priority and killed almost the entire Fair Deal, but did encourage the pursuit of economic growth. Nevertheless, some of the Fair Deal's progressive policies were enacted piecemeal by legislation during Truman's time in office, and further enactments continued under

17880-550: The practise of gift giving which they now saw as unnecessary. This, in combination with an underwhelming trade relationship with a surplus of whiskey, increase in prices generally, and a shortage of other goods led to unrest among the Indians that was exacerbated by the decision to significantly reduce the amount of rum being traded, a product that British merchants had been including in the trade for years. This would eventually culminate in Pontiac's War , which broke out in 1763. Following

18029-448: The processing of the pelts necessary to the fur trade. Women were integral to the fur trade and their contributions were lauded, so much so that the absence of the involvement of an Indian Woman was once cited as the cause for a trader's failure. When the French fur trade re-opened in 1716 upon the discovery that their overstock of pelts had been ruined, legal French traders continued to marry Indian women and remain in their villages. With

18178-511: The public housing subsidies cosponsored by Republican Robert A. Taft under the 1949 National Housing Act , which funded slum clearance and the construction of 810,000 units of low-income housing over a period of six years. Truman was also helped by the election of a Democratic Congress in 1948 . According to Eric Leif Davin, the 1949–50 Congress 'was the most liberal Congress since 1938 and produced more "New-Deal-Fair Deal" legislation than any Congress between 1938 and Johnson's Great Society of

18327-664: The region (as it was in other regions), with Wisconsin a major center. Under the La Follettes , Wisconsin fought against the Republican bosses and for efficiency, modernization, and the use of experts to solve social, economic, and political problems. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

18476-559: The region is composed of swing states , and therefore is heavily contested and often decisive in elections. The term West was applied to the region in British America and in the early years of the United States, when the colonial territories had not extended far from the Atlantic coast and the Pacific seaboard was generally unknown. By the early 19th century, anything west of Appalachia

18625-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

18774-684: The spread of public utilities. Political pressure and conflicts with the Budget Bureau and the Army Corps of Engineers kept the Bureau of Reclamation from enforcing the excess land law. Midwestern The Midwestern United States (also referred to as the Midwest or the American Midwest ) is one of the four census regions defined by the United States Census Bureau . It occupies

18923-453: The support of the conservative senator Robert A. Taft . Veterans benefits were non-controversial, and won support from left and right. Dean shows that the major Fair Deal initiative, the "Brannan Plan" proposed by Secretary of Agriculture Brannan, failed in Congress because Truman delayed too long in presenting it before Congress and it lost initiative and because he never consulted with top leaders in farm legislation. A separate Anderson Act

19072-481: The trade in both the Ohio River valley and the French pays d'en haut with the temporary closing of the French fur trade from 1690 to 1716 and beyond. French fur traders were forced to abandon most posts and those remaining in the region became illegal traders who potentially sought these marriages to secure their safety. Another benefit for French traders marrying Indian women was that the Indian women were in charge of

19221-468: The upper Midwest. The party opposed the expansion of slavery and stressed the Protestant ideals of thrift, a hard work ethic, self-reliance, democratic decision making, and religious tolerance. In the early 1890s, the wheat-growing regions were strongholds of the short-lived Populist movement in the Plains states. Starting in the 1890s, the middle class urban Progressive movement became influential in

19370-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

19519-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

19668-431: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

19817-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

19966-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

20115-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

20264-424: Was a system that would evolve over time. Goods often traded included guns, clothing, blankets, strouds, cloth, tobacco, silver, and alcohol. The French and Indian exchange of goods was called an exchange of gifts rather than a trade. These gifts held greater meaning to the relationship between the two than a simple economic exchange because the trade itself was inseparable from the social relations it fostered and

20413-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

20562-400: Was bounded by the Great Lakes and the Ohio and Mississippi Rivers. Some entities in the Midwest have "Northwest" in their names for historical reasons, such as Northwestern University in Illinois. One of the earliest late-19th-century uses of Midwest was in reference to Kansas and Nebraska to indicate that they were the civilized areas of the west. Another term applied to the same region

20711-647: Was considered American frontier . Over time the American frontier moved to west of the Mississippi River . During the colonial period, the upper-Mississippi watershed including the valleys of the Missouri River and the Illinois River , which were settled in the 17th and 18th century and called Illinois Country . In 1787 the Northwest Ordinance was enacted, creating the Northwest Territory , which

20860-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

21009-430: Was formed on the foundations of mutual accommodation and common meanings established between the French and the Indians that then transformed and degraded as both were steadily lost as the French ceded their influence in the region in the aftermath of their defeat in the Seven Years' War and the Louisiana Purchase . Major aspects of the middle ground include blended culture, the fur trade , Native alliances with both

21158-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

21307-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

21456-554: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

21605-514: Was part of his thinking every day of life. Ottawa and Potawatomi people had very similar religious beliefs to those of the Chippewas. In the Ohio River Valley, the dominant food supply was not hunting but agriculture. There were orchards and fields of crops that were maintained by indigenous women. Corn was their most important crop. The Plains Indians are the indigenous peoples who live on

21754-493: Was signed in 1949 that had more in common with the Republican-sponsored Agricultural Act of 1948 than Secretary Brannan's plan did. Truman's Fair Deal reclamation program called for expanded public distribution of federally produced electric power and endorsed restrictions on the amount of land an owner could irrigate from federal water projects. Lobbying efforts by privately owned power companies prevented

21903-539: Was suspicious of excessive concentrations of government power, and honored the New Deal as an effort to achieve a "democratic socialist society." Solidly based upon the New Deal tradition in its advocacy of wide-ranging social legislation, the Fair Deal differed enough to claim a separate identity. The Depression did not return after the war and the Fair Deal had to contend with prosperity and an optimistic future. The Fair Dealers thought in terms of abundance rather than depression scarcity. Economist Leon Keyserling argued that

22052-413: Was the primary crop of Mississippian farmers. They gathered a wide variety of seeds, nuts, and berries, and fished and hunted for fowl to supplement their diets. With such an intensive form of agriculture , this culture supported large populations. The Mississippi period was characterized by a mound-building culture. The Mississippians suffered a tremendous population decline about 1400, coinciding with

22201-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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