The messages that the media conveys from the picture is that there is unequal distribution of wealth, “Globalized economy,”
Agriculture(structural weakness,) Federal reserve bank failures, and the industry and manufacturing is decaying, inefficient and there’s overproduction in the economy. The response to the economic crisis was Capitalism. Capitalism is letting nature takes its course. This included weeding out “bad” parts of economy to promote growth criticism. Another response to the economic crisis is supply side economics. This means it is a free market. This entails lower taxes on corporations/wealthy, deregulation of business, more money to investment leads to job creation, and new jobs will replace, increase, lost government tax revenue criticism. The result of this is increasing in income inequality and “Trickle Down” economics money does not make it to the poor. Another response to the economic crisis was Pump priming. This is Keynesian. This was advocated by John Maynard Keynes, an economist. The government spent to stimulate the economy. Spending leads to payed jobs which leads to more spending criticism. This is deficit spending, inflation, no going back, government grows. President Herbert Hoover tried to end the Great Depression using voluntarism and the Reconstruction Finance Corporation, but he failed because of opposed direct relief, “pump priming.” In the Election of 1932, President Franklin D. Roosevelt defeated Hoover. Hoover was blamed for the depression and there were shanty towns occupied by the homeless called “Hoovervilles.” The problems of the economy face Roosevelt that the economy is on the brink of collapse. There are banks closing and high unemployment. Hope this helps.
