What was Herbert hovers solutions to the Great Depression?
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- President Hoover believed that too much intervention on the part of the federal government during the Depression would destroy American individuality and self-reliance and that public-private cooperation was the way to achieve high long-term growth.
- Despite calls for greater government assistance, Hoover refused to fund welfare programs because he believed that such assistance projects would reduce the incentive to work.
- In 1929, in an effort to reduce municipal aid services burdens and combat white American unemployment, Hoover instituted the Mexican Repatriation program. This resulted in the forced migration of over 500,000 Mexicans and Mexican Americans to Mexico.
- The Smoot-Hawley Tariff raised the tariff on thousands of imported items as part of a failed effort to encourage the purchase and growth of American-made goods, raise federal revenue, and protect farmers.
- The Hoover Moratorium, issued in 1931, called for a one-year halt in both reparation payments by Germany to France and the repayment of Allied War debts to the United States. This was met with much opposition in France and Britain and did little to ease economic declines.
- The National Credit Corporation (NCC) received much support from Hoover as it was a voluntary affiliation of major private banks that loaned to smaller banks on the verge of collapse (often demanding large assets as collateral).
Source: Boundless. “Hoover's Efforts at Recovery.” Boundless U.S. History. Boundless, 21 Jul. 2015. Retrieved 10 Feb. 2016 from https://www.boundless.com/u-s-history/textbooks/boundless-u-s-history-textbook/from-the-new-era-to-the-great-depression-1920-1933-24/the-great-depression-190/hoover-s-efforts-at-recovery-1052-3243/