Planet Money Summer School 7: The Great Depression, the New Deal and how it changed our economy
31 snips
Aug 21, 2024 Explore the dramatic transformation in government-business relationships during the Great Depression. Discover how the 1929 stock market crash led to staggering unemployment and bank failures. Delve into FDR's fireside chats and the decision to abandon the gold standard, which altered monetary policy forever. Hear about the power dynamics within labor as workers organized for rights amidst economic turmoil. The discussion highlights pivotal moments in labor history that reshaped the workforce and union landscape in America.
AI Snips
Chapters
Transcript
Episode notes
Hardship in Harlem
- Dorothy Height witnessed widespread evictions and families’ possessions on the streets in Harlem during the Depression.
- No one could afford to buy apples, even at five cents.
The Depression's Severity
- The Great Depression was a global crisis with unprecedented unemployment rates.
- Governments initially struggled to respond, unaware of how the gold standard worsened the situation.
The Gold Standard's Downfall
- Under the gold standard, currencies were tied to fixed gold values, causing people to trade in their cash for gold during crises.
- This was problematic because it forced central banks to raise interest rates to protect gold reserves, worsening the Depression.