Essay #2 The economic downturn of the 1930’s deserves to be labeled the Great Depression. The end of 1929 the stock market crashed and flat lined the economy. People lost their investments, which in some cases was all their money. There has never been a greater downturn in our country’s history. The downturn was so bad it took us more than a decade to recover. The downturn deserves to be labeled the Great Depression economically, socially, and politically. Economically the decline of the 1930’s deserves to be called the Great Depression. People’s income dropped immensely. “Personal income dropped by more than half between 1929 and 1932; by 1933 industrial workers had average weekly wages of only $16.73” (Goldfield 245). Foreign exports dropped, lowering the hopes of economic recovery. “American exports fell by 70 percent from 1929 to 1932. As foreign markets shrank, so did hope for economic recovery” (Goldfield 245). The downturn battered farmers. “Commodity prices fell by 55 percent between 1929 and 1932, stifling farm income” (Goldfield 245). The economy plummeted and people just waited for change. “For three years, from 1929 to 1932, most of America waited for supply to create its own demand, waited for the business cycle to run its natural course, waited for the stock market to get back on its upward course” (Brady, Great 439). Socially the downturn of the 30’s deserves to be labeled the Great Depression. People went from living in nice houses, to living in shacks. “Urban families were also evicted when they could not pay their rent. Some moved in with relatives; others lived in Hoovervilles—the name reflects the bitterness directed at the president—shacks where people shivered, suffered, and starved” (Goldfield 245). Starvation became common in cities. “In New York City, 139 people, most of them children, died of starvation and malnutrition in 1933” (Goldfield 246). Farmers lost livestock in sandstorms, which caused a loss of money. “Livestock and wildlife did not have even…crude defenses. “In a rising sandstorm,” wrote Margret Bourke-White, “cattle quickly become blinded. They run around in circles until they fall and breathe so much dust they die” (Brady, Dust 167). Hispanic workers had a difficult time finding jobs. “Hispanic Americans also suffered. As mostly unskilled workers, they faced increasing competition for decreasing jobs paying declining wages” (Goldfield 247). Politically the descent of
July 25, 2013
The Great Depression
The Great Depression was a big tragedy that left a lot of Americans out of work and
hungry. It affected many people’s lives and a lot of people suffered and even died. The
depression lasted roughly 12 years. Many believe that the Federal Reserve Board had many
failed policies. They caused a shrinking of the money supply that made economic conditions
worse. The stock market crash on October 29, 1929 signified the beginning of the depression and
The Great Depression was a very complicated economic depression which had many factors contributing to it. To pinpoint the exact causes of the Great Depression is so complicated because all the factors relied on each other. When one thing went wrong, other things were soon to follow. Over production and under consumption, the stock market speculation, and the inequity of wealth distribution would be considered majors causes that led to the Great Depression.
The over production and under consumption…
The Great Depression
Table of Contents
The Great Depression was a severe worldwide economic depression in the decade before World War II. The timing of the Great Depression varied across nations. But it most countries is started in 1930 and lasted until the late 1930s or middle 1940s. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression is commonly used as an example of how far the world's economy…
States history was the Great Depression. This had brought one of the greatest and strongest of countries to its knees. I believe there are three main reasons that contributed to the economic collapse of the United States. New York stock Market crashed, The Dustbowl, and thousands of migrants move to the Northwest. But there are also three causes that helped U.S. recovered from this tragic event. They were Roosevelt’s New Deal, Grand Coulee Dam, and World War II.
The Great Depression began with New York…
Many people were affected by the Great Depression. After the stock market crash in 1929, the country changed in a lot of way. Many people lost their jobs because of this downturn in the economy. During the Great Depression practically every person had to adjust to a different way of living than what they were used to. This tells how life changed for all Americans. During this time many children didn’t receive education because many communities had to close their schools down during the 1932-1933…
Causes of The Great Depression
Fundamental cause – contraction in spending i.e. aggregate demand.
Decline in production as inventory level at manufacturers and merchandisers increased.
Transmitted to rest of the world mainly through the gold standard.
Variety of other factors also fuelled the downturn in various countries.
Major causes are discussed here.
Stock Market Crash
Decline in output occurred in the U.S. during the summer of 1929.
Stemmed from tight U.S. monetary policy aimed at…
The Great Depression was a worldwide event that was an economic meltdown. Most people agree that the beginning of the Great Depression was Black Tuesday on October 29, 1929. According to Taylor, on that particular Black Tuesday, “the Dow Jones Industrial Average fell almost 23 percent and the market lost between $8 billion and $9 billion in value.” During this time, there was widespread unemployment, homelessness, a major drop in industry, debt deflation and an 89 percent drop in stock prices…
or have learned something about the great depression and the effects it had on the United States. There are a list of issues the created the great depression, but have we actually thought about it, and tried to understand it before? In the 1920’s the American economy was going strong, for the most part, and the vast majority of Americans had witnessed economic growth, however, stock prices fell, more and more issues arose, and then came the great depression which created uneven distribution of wealth…
February 14, 2013
The Great Depression and the New Deal
The 1930’s was one of the lowest points in American history. The stock market and economy was at an all-time low. As many Americans began selling their stocks, the market plummeted. This caused many people to lose their money and investments due to them buying on margin. During the election of 1932, President Hoover was removed from office and in came Franklin D. Roosevelt. Roosevelt went to work right away and passed…
The Great Depression
As we all know, the Great Depression was a severe economic depression. It was world wide and happened in the years before World War II. The greatest of despair for the community that I live in was the years from about 1930 until 1934. My family has lived here forever, just above Tellico Plains in the mountains is a little community called Coker Creek. This is where my family has lived for years and years. Even at the time of the Great Depression. Including my Great Aunt Lucille…