The Great Depression started with the stock market crash of 1929. “In 1925, the total value of the NEW YORK STOCK EXCHANGE was $27 billion. By September 1929, that figure skyrocketed to $87 billion” (The Market Crashes 1). Stocks were being sold for way more than their reasonable value and that couldn’t go on indefinitely. Although more people in the U.S.owned stock than ever before, “90% of American households owned precisely zero shares of stock” (Sinking Deeper and Deeper 1).
The Great Depression in the United States spurred in 1929 and was the economic deterioration of the United States, where there was a high unemployment rate and many citizens were living in poor conditions.. It was caused because the stock markets and banks failed; and many companies went bankrupt. People were buying on margin so no one had any money to spend and when the stock market crashed, everyone lost their money and spurred the Great Depression. They could not invest in businesses and banks could not loan out money so businesses failed and the economy crashed. During this economic failure, president Herbert Hoover did little to nothing to improve the economic status of the United States.
In the 1920’s, business was booming, normal people were gaining wealth and there was a revolution in the public’s view of women. These advances led the world to believe that life could only get better. When President Hoover was inaugurated he saw a bright future for the country. This belief was sadly only wishful thinking because the next decade experienced woe after woe due to the carelessness of the 1920’s. The Great Depression was caused by multiple issues and many problems arose because of it.
Once Hoover entered into office, he wanted to reform the nation's regulatory system. He also believed that the Federal Government should be hands on in the economy. The major issues which were looming in the US around the time of Herbert Hoover’s presidency was the Great Depression. Hoover never really had any opponents that were in his way because his reputation was so great and his appeal to southern white voters even succeeded in cracking the “Solid South” by winning multiple states in the election. Ten days after attending game five of the 1929 World Series, Black Thursday occured on October 24.
America entered into the Era of Good Feelings which was a time of one party rule and peace. Democratic Republicans ruled the national government and voters had to chose a candidate from this political party. Culturally America didn’t change as slavery still in the south, industry still in the north, and western lands are still unknown. However, Henry Clay’s American System created a compromise between all regions with Northern industry, Southern Slavery, and Western Farmers. Therefore, The Missouri compromise increased sectionalism and brought economic differences to each region of the United States.
After World War I, during the interwar period, Canada saw a prosperous future in the 1920’s as the economic, social, and political side of their country’s autonomy began to grow. During the roaring 20’s despite the swaying influences from neighbouring countries, Canada began to carve its own identity out of the very rock it stood on. Overall, Canada continued to have a limited amount of autonomy in the political, social, and economic aspects of uring the Interwar Period. Throughout the 1920’s Canada’s economic autonomy didn’t grow very much, as economically it is difficult to be fully autonomous for a country because international trade has a far bigger market than national and local trade. The war was now over and Britain had gone into debt, leaving the United States as the leading economic country (Cranny, p.57).
In the years following World War I, the American economy turned from progressivism to consumerism, (2016). It took a few years for the economy to convert from producing wartime goods, such as guns and naval ships, to producing goods that were more consumer oriented. However, during this time the United States became the richest society in history. “American per capita incomes grew by 30% during the decade, industrial output increased by 60%, and unemployment remained below 5%, (2016).
The 1920s in the United State is usually documented as a time of economic and social growth and prosperity, evidenced by the growth of Fordism and an expansion of women’s rights. These developments have led many to the consensus that they are living in The American Dream. Alongside such developments, however, the gap between the rich and the poor kept growing, allowing those of better financial and social status to develop harsher critiques over the poor and more importantly, during the industrial age, allow them to have power over those less fortunate (DIScovery 1). These socio-economic divides and relationships between both parties are explored in Scott Fitzgerald’s “The Great Gatsby.” Fitzgerald illustrates the dominance the wealthy upper
In the late 1920s, a culmination of factors, both foreign and domestic, led many American families into unemployment and poverty. The Great Depression was a time of widespread poverty and forced migration, as it was common for young children to beg for money and search trash cans for food. Accordingly, different geographical regions were impacted more than others, which divided Americans. The economy experienced a greater wealth imbalance than ever before, as a small portion of Americans controlled an disproportionate percentage of the nation’s wealth. Additionally, the unemployment rate reached an all time high, with a quarter of Americans unable to find employment, further establishing socioeconomic divide.
The Great Depression The Great Depression was one of the United States’ worst economic times. Lasting about ten years the Great Depression is also American’s longest economic downfall. The Great depression left millions of Americans unemployed, and caused nearly half of the county’s banks to fail. There were many factors that caused the Great Depression.