Essay On The Great Depression

Submitted By Lynn-Connell
Words: 395
Pages: 2

The Great Depression
The Stock Market crashed in October of 1929, which led to horrible times for the people in North America, Europe, and some other areas. The Great Depression was a long economic slump. It lasted from 1929 to about 1939; it started in The United States but soon led to a worldwide conflict. A lot of people were trying to sell their stock, but no one would buy it. The U.S. put high tariffs on imported goods so American money would stay in the United States to pay for American goods. That weakened the United States and the countries that depended on exporting goods to the U.S. The stock market crashing did not only cause the Great Depression, but it made the economy weaken and made the Depression more difficult.
Business and industry were affected most. By 1932 factory production dropped. Thousands of businesses failed, banks closed which millions of people lost money in their savings accounts and the banks had no way to pay them. The farmers were hit hard too, the dust bowl occurred and the high winds picked up the exposed topsoil and whirled it for miles. The smaller farmers especially had a hard time because they couldn’t pay off their debt or feed themselves and family. By 1933, almost all American workers had no jobs.
The economy went into the depression when Hoover was President. During the 1932 presidential election Hoover didn’t get reelected, Franklin Roosevelt was elected into presidency. Roosevelt established programs called the New Deal. He