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Explanation:

When Herbert Hoover became the U.S. president in 1929, the United States was

enjoying great economic prosperity. However, within eight months of Hoover

taking office, the stock market crashed, signaling the economic crisis called the

Great Depression.

A Hands-Off Approach

Like his immediate predecessors, Warren G. Harding and Calvin Coolidge, the

Republican businessman Herbert Hoover believed in a laissez-faire, or hands-off,

approach to economic policy. Hoover feared that providing direct aid to people

in need would cause them to lose their incentive to work hard toward financial

success. Because of this, Hoover did not think the federal government should

give financial aid to the unemployed. Although President Hoover favored a

hands-off approach, he realized that he could not simply stand by and do

nothing as the economic system worsened. Shortly after the stock-market crash,

Hoover began to take action.

Promoting Sound Business Practices

Hoover was a multimillionaire who made his fortune through business ventures.

He believed that following sound business practices would pull the country out of

the Depression. On November 21, 1929, President Hoover met with business

owners, industry giants, and farm leaders to discuss a plan for recovering from

the stock-market crash. Hoover convinced these leaders to keep wages stable

and end any ongoing strikes and demands from unions. Many companies agreed

to cooperate. For example, Henry Ford raised factory workers’ wages from $6 to

$7 per day. Despite the cooperation of industrialists and farm leaders, Hoover’s

plan did not go far enough to restore the economy. In fact, the economy

continued to get worse as unemployment soared. The efforts of industrialists and

union leaders were a temporary bandage. They did little to fix the fundamental

problems of the U.S. economy, such as unstable banks and the lack of

stock-market regulation. As a result, in spite of industry’s initial cooperation,

wage cuts came, especially for unskilled workers,

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