The country was thriving economically when Herbert Hoover was elected as president in 1929. However, the stock market fell eight months after Hoover took office, heralding the start of the Great Depression as an economic depression.
A Non-Involvement Strategy
Republican businessman Herbert Hoover shared the laissez-faire, or hands-off, philosophy of his immediate predecessors Warren G. Harding and Calvin Coolidge when it came to economic policy. Hoover was concerned that providing direct assistance to those in need would sap their motivation to strive hard for financial achievement. Hoover disagreed that the federal government should provide financial aid to the unemployed as a result. Hoover was a multimillionaire who amassed his wealth through entrepreneurial endeavors. He believed that employing ethical business principles would help the nation escape the Great Depression. President Hoover met with business leaders, industry titans, and farmers on November 21, 1929, to discuss a strategy for recovering from the stock market crash.
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