Hoover’s approach

Definition

Hoover's approach refers to President Herbert Hoover's response to the early years of the Great Depression. It was characterized by a belief in limited government intervention and relying on voluntary efforts from businesses and communities to address the economic downturn.

Related terms

Rugged Individualism: This concept emphasized self-reliance and independence as a solution to economic challenges, reflecting Hoover's belief in individual responsibility.

Bonus Army: A group of World War I veterans who marched on Washington, D.C. demanding early payment of bonuses promised for their military service, which highlighted discontent with Hoover's handling of the crisis.

Hawley-Smoot Tariff Act: An act signed by President Hoover that increased tariffs on imported goods, exacerbating international trade tensions and hindering global economic recovery.