Write a 125+ word paragraph considering the three major economic blunders Warren Harding made during his administration that helped set the wheels of depression in motion.
Answers
Warren Harding was well known in history for his degradatory economic policies which were responsible for bringing a phase of depression in the economy. He raised the import tarrifs so high that European countries could not sell its products in the US markets. This turned out to be a double edged sword for the US banks because the same European producers became loan defaulters due to high import tariffs. He reduced the payable amount from European banks which turned out to be a huge financial loss for the US treasury. It deprived US administration of the required income needed to promote industrial development in the country. Germany was in an economic crisis situation and unable to repay loans taken from the US government. Warren Harding waived off those loans which sent America into depression.
Hastings finally left India which had British dominions fully intact in 1785.
But the allegations of Francis and the reports of wars, against him or an unjustified manner, had damaged his reputation, morality concern about the standards of the British in India.
This was the reaction Edmund Burke, the great parliamentarian.
He came forward to be focused on Hastings. Most historians, while recognizing Burke’s absolute sincerity, now feel that Burke was attempting to pin the evils of a situation on one individual and that he had chosen the wrong one.
But Hastings lost his fame due to episodes such as :
1)the execution of Nandakumar and,
2)ill treatment of the begums ,
3)Chait Singh and
4)Irregularities of his personal finances, where he had acquired money in excess of his official allowances.