Herbert Hoover was born on August 10, 1874, in West Branch, Iowa, to a Quaker family. He studied at Stanford University, graduating as a mining engineer in 1895. Hoover went on to become a successful mining executive, working in various countries, and amassed significant personal wealth. His involvement in humanitarian efforts during [[World War I]] and his tenure as the U.S. Secretary of Commerce under Presidents Warren G. Harding and Calvin Coolidge earned him a reputation as an efficient administrator. In 1928, Hoover was elected as the 31st President of the United States, riding a wave of optimism and prosperity that characterized the "Roaring Twenties." However, just months into his presidency, the stock market crash of 1929 marked the beginning of [[The Great Depression]], a severe economic crisis that lasted throughout the 1930s. Hoover's approach to the Great Depression has been widely criticized for exacerbating the crisis and prolonging its duration. There are several factors that contributed to this: 1. **Emphasis on Voluntary Cooperation**: Hoover believed that voluntary cooperation between businesses, labor, and government would be sufficient to address the [economic](https://doctorparadox.net/category/economics/) crisis. He encouraged businesses to maintain wage levels, reduce working hours, and increase investments. However, this approach proved ineffective as businesses, facing declining profits, resorted to layoffs and wage cuts, worsening the economic situation. 2. **Opposition to Direct Relief**: Hoover was ideologically opposed to direct federal assistance to the unemployed, fearing it would create a culture of dependency. He instead emphasized the role of state and local governments and private charities to provide relief, but these organizations quickly became overwhelmed by the scale of the crisis. 3. **Limited Government Intervention**: Hoover's economic policies were largely influenced by the belief in limited government intervention in the economy. His administration undertook some measures, such as the creation of the Reconstruction Finance Corporation (RFC) in 1932, which aimed to provide loans to banks, railroads, and other businesses. However, these efforts were considered too little, too late, and did not effectively address the widespread unemployment and poverty. 4. **Protectionist Policies**: Hoover signed the Smoot-Hawley Tariff Act in 1930, raising tariffs on imported goods in an attempt to protect domestic industries. This move backfired, as other countries retaliated with their own tariffs, leading to a contraction in international trade that further deepened the global economic crisis. 5. **Fiscal Conservatism**: Hoover's commitment to a balanced federal budget led to tax increases and spending cuts at a time when Keynesian economists argue that deficit spending was needed to stimulate the economy. This approach may have further contracted the economy, prolonging the depression. In the 1932 presidential election, Hoover was defeated by [[Franklin D. Roosevelt]], who implemented a series of policies and programs collectively known as [[The New Deal]] to address the Great Depression. Although Hoover's role in "tilting America into the Great Depression" is a subject of historical debate, his administration's policy decisions and reluctance to adopt more aggressive interventions are widely considered to have contributed to the severity and duration of the crisis.