The Great Depression lasted from to and was the most exceedingly bad financial downturn in the historical backdrop of the industrialized world. It started after the stock market crash of October , which sent Wall Street into frenzy and wiped out a huge Apr 01, · Great Depression Essay The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in and lasted until about that affect the lower class, mid class and high class. The most devastating impact of the Great Depression was human suffering The Great Depression, starting in on Black Tuesday, was the crash of the United States economy. During that time, 25% of Americans were unemployed, and millions lost their savings due to bank failure, leaving them poor and frustrated with the government. Causes of the Great Depression include the overproduction of crops and the deduction of consumer spending
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There are many contributing factors but not one specific event can be pin pointed for starting the depression. It is believed that some events contribute more than others-such as the Stock Market Crash of The Stock Market Crash of was in the majorities opinion, a long essay on great depression overdue crash that was bound to happen. So many people sold their stocks at a rapid rate that the corporations were unable to pay the shareholders.
Sooner or later a crash is coming which will take the leading stocks and cause a decline from 60 to 90 points in the Dow Jones Barometer. This was a leading causes that assisted the Great Depression become one of the bleakest and most studied events in the history of our essay on great depression yet not the only cause.
Another large contributing factor was Mother Nature, I say this because in Oklahoma the weather was so dry that the farmers were unable to harvest their crops: these farmers became known as Okies. In other areas, the extreme opposite took place: farmers overproduced and prices rapidly dropped because the demand decreased. The drastic result of this oversupply made it hard for farmers to make money due to the fact that they had so much that they were forced to sell it at substantial low priced just to remain competitive enough to make even the small profit they were making.
Economists recognized the depression as a cycle in which there essay on great depression four cycles; expansion; crisis or panic ; recession or contraction ; and recovery.
The definitive description was made by Wesley Clair Mitchell of the University of California, essay on great depression. a revival of activity. Banks played a significant role in essay on great depression depression because they were in charge of all the money and interest rates. For example when banks had large reserves, they lowered interest rates.
Cheaper loans encouraged manufactures to invest in new equipment and hire additional workers. The resulting expansion of production caused an upswing of the cycle. That discouraged investors and slowed the economy down. Another good explanation was the bad distribution of wealth for the cycles. During these challenging and difficult times the rich opted not to spend there money: they saved in banks, vaults, etc. This resulted in increased investments, more production, and eventually more goods piled up on shelves and warehouses.
Prices fell, production was cut back and workers were discharged. As a result, the economy entered the depression phase of the cycle. The crisis stage of the cycle was brought about by bank failures and by irrational selling of stocks ;thus causing business failures, a slowing in production, a rise in unemployment, and an overall optimistic view about the future. Lionel Robbins was a professor at the London School of Economics, essay on great depression.
An example of Robbins philosophy was that the monetary confusion and rampant inflation after the war had hampered. Many policies that the government put out hurt and slowed the recovering economy. One act known as the American Hawley-Smooth of crushed essay on great depression European industry which was already unstable from the depression. It stopped European trade and prevented European from earning the almighty dollar.
This Act also destroyed any possibilities of regaining the money loaned to them during World War I. The collapse of the German Banking system in essay on great depression monumental affects on the entire world. It aided to turn, what would have been, a small economic problem into the Great Depression.
The Germans also blamed the depression on the harsh terms imposed by the Versailles Treaty, especially the reparation they were forced to pay. They claimed the reparations brought down the economic vitality of their country to an all time low, essay on great depression. Not one single book I have read has blamed any one specific country for the start of this catastrophe. As a matter of fact, each book has said if the countries would have worked in unison rather than focusing solely on themselves we might not have ever heard of the Great Depression.
Nobody knows what the result would have been if the countries worked together and resolved the problem before it festered as it did. No one ever envisioned the extensive duration of the depression. My only prayer is that we never see another time like this again. When American producers cut back on their purchases of raw materials and other supplies, the effect on other countries was devastating.
After Great Britain was again forced to leave the gold standard inmany foreign banks withdrew deposits from America in the form of gold: they were afraid that the United States might go off the gold standard too. High unemployment was the most alarming essay on great depression of the Great Depression. It has been estimated that in about thirty million workers were jobless, about two-thirds of these in three countries — the United States, Germany, and Great Britain.
If anything, this estimate is low. The homeless rate increased dramatically. So much so that many people did not even have a roof over their heads.
Women played a new role during this time. When a man lost his job and was having difficulty locating a new one, it was up to the women to work. Worldwide, in about one-third of all workers were women. There was also, however, the more immediate problem of what to do about the people who were unemployed and needed assistance merely to survive. Whether efforts to aid the unemployed would help to end the depression or make it worse was a matter of risk-taking.
Another way to solve the unemployment problem was to export people to other countries that had available jobs so that people could survive.
I do not think the Great Depression could have been avoided: we simply do not live in a perfect world. There is no way of telling when or if the next depression will occur. I feel if the governments worked together then the depression would not have been such a catastrophe as it ended up being.
Did the nations not know that they influenced the course of the depression and in turn, essay on great depression, the course of history. Another reason why the depression lasted so long was because politicians were so busy in pointing fingers at each other instead of resolving it.
Who knows how long the depression would have lasted if World War II never came to be. Because of World War II industries began making weapons and these industries hired the workers to meet the high demands. The United States would sell their weapons world wide and make a profit. This turn in events concludes the era of the Great Depression with the last cycle: recovery. It is an amazing and complex phenomena, that at seventeen years old I am able to pin-point in what is my opinionthe leading cause of the duration of the Great Depression: uncooperative leaders unwilling to aid and assist so that harmonious coexistence would have prevailed.
Hopefully, at this point in our history we have learned from our past mistakes and will never see such a dreadful and dire time again! Bernstein, Irving. A Essay on great depression Society, The New Deal, The Workers, And The Great Depression.
Haugghton Mifflin Company. Garraty, John A. The Great Depression. Harrcourt Brace Jovanovich Publishers. Hoover, Herbert. The Memoirs Of Herbert Hoover The Macmillan Company. Meltzer, Milton. Brother Can You Spare A Essay on great depression. Random House Inc. Patterson, Robert T. The Great Boom And Panic.
Henry Regenery Company. Rothbard, essay on great depression, Murray W. Van Nostrand Company Inc. Smith, Gene The Shattered Dream. William Morrow and Company. Watleins, T. Little Brown Company. Massive advertising campaigns mounted by major pharmaceutical corporations would have you believe that the only…. Related Essays Peter the Great's Westernization of Russia InTsar Peter I forced his way into power in Russia.
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The Great Depression: Crash Course US History #33
, time: 14:27The Great Depression Essay: Excellent Paper Example
The Great Depression lasted from to and was the most exceedingly bad financial downturn in the historical backdrop of the industrialized world. It started after the stock market crash of October , which sent Wall Street into frenzy and wiped out a huge The Great Depression, starting in on Black Tuesday, was the crash of the United States economy. During that time, 25% of Americans were unemployed, and millions lost their savings due to bank failure, leaving them poor and frustrated with the government. Causes of the Great Depression include the overproduction of crops and the deduction of consumer spending The Great Depression lasted from to and was the worst economic worsening in the history of the industrial world. It began when the stock exchange crash of October , that sent Wall Street into a panic and drained variant investors
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