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What was one of the major reasons for the failure of voluntarism during Hoover's presidency?

  1. Too much government intervention

  2. Businesses broke their pledges

  3. High levels of support from the public

  4. Lack of regulations on industries

The correct answer is: Businesses broke their pledges

One of the major reasons for the failure of voluntarism during Hoover's presidency was that businesses broke their pledges. Hoover's voluntary approach relied on cooperation among businesses to maintain wages and employment levels during the economic downturn of the Great Depression. However, many companies ultimately chose to prioritize their survival over commitment to these voluntary agreements, leading to wage cuts and layoffs. This erosion of trust and accountability among businesses weakened the foundation of Hoover's strategy and contributed to its ineffectiveness in addressing the economic crisis. The other options do not capture the essence of the challenge Hoover faced with voluntarism. For instance, the notion of excessive government intervention does not align with Hoover's initial reluctance to adopt direct governmental action. High levels of public support also did not materialize in the face of increasing unemployment, as discontent grew. Lastly, while regulations on industries may have seemed pertinent, Hoover’s focus was on encouraging voluntary compliance rather than enforcing regulation, which ultimately proved insufficient.