The Great Depression had a devastating effect in many people’s lives, primarily Germans. It led to the rise of Hitler and fueled the rise of the extremist political movement in many European countries. I think that the Great Depression was a very significant event that led to many other important events that had happened during the 19th century. I also think that the Great Depression is what triggered Hitler to come into power and later on in history the World War two. During 1929-1939 despite Germany’s rapid growth, the German economy wasn’t strong enough to take on the Great Depression.
Historian Richard Bessel believes that Germany made economic progress between 1924 and 1929 but the costs of a growing social welfare system was like a “time bomb” for Weimar democracy (Bessel, 1993). The competing demands on welfare could not be met, even before unemployment insurance that introduced just before the slump, as its financial basis was ruined by mass unemployment. Therefore as Kolb states ‘it is generally accepted that the economic situation in Germany was highly precarious even before the world depression’ (Kolb, 1988). Overall low investments were caused by the savers’ lack of confidence in lending money to the
At that time you don’t really realize your mistake but when the same thing happens to you, you understand the real mistake that you had done to them sometime back. These mistakes are realized only when you go through the same situation as you made them go through. This is necessary to happen as this is when you actually realize your mistake and you know that you will never repeat the same mistake again, as you have also felt the same pain and know the exact consequences of the mistake. Another example of a mistake that hugely affected the people was of the great depression which took place in America. The outcome of living happy go lucky and purchasing things with no cash brought about a sudden fiasco.
As regards to poverty, there are many countries that had suffered poverty, and even striking the middle class status in the Western's countries. Thus, countries that experience severe poverty would need action plans for further intervention to avoid social tensions that consequently results to social inequality and economic disparity among countries and citizens. However, poverty will also bring a lot of effects in the world. Firstly, there would be an expanding of the danger of war on the planet economy, country that unable to keep up with the world economy in the sense of raw materials and markets will lead fractions between the country and this cause war in a bid to obtain new markets for the goods and raw material. Besides, it may also cause terrorism as the society are running out of resources and money, therefore this would lead to falling prey to terrorism.
In America, The Depression was a devastating experience for the people, who faced unemployment, the loss of land as well as other properties, and – in extreme cases – homelessness and starvation. Obviously undergoing economic distress, the nation was also dealt damage politically and socially. The exact cause of the Great Depression is hard to pin down. However, most critics have narrowed it down to a handful of causes (Kelly). A major cause was the Stock Market Crash of 1929.
The time period of which the book was written is the 1930’s and it was a quarrelsome time for race relations. During that period an economic slump, called the Great Depression, had affected many people’s lives as it was the most severe depression ever experienced by an industrialized country. Also factors like the Jim Crow laws and the 2nd Ku Klux Klan resulted in white people discriminating against blacks people. The Great Depresion is an important era in the United States’ history. In the 30’s, the complications that came along with the Great Depression affected the public severely.
The Great Depression The Great Depression was a horrendous time for the American people. The Depression lasted from 1929 to 1939 making it to be the worst economic downturn in the history of mankind. The US suffered serious downturns, including the destruction of the US plantation land which caused several complications with making money. There are many leading components that may have caused the Great Depression, many may have thought that the main factor of the depression was the Stock Market Crash but what they didn’t know was there were major events that led up to the Stock Market that eventually led to the Great Depression. During the Great Depression, living habits were amateurish, many Americans settled in housing that had no plaster, no rugs or even a heating stove.
The Great Depression was introduced to the world in 1929. During these depressing years, many economies slumped in industrialized nations in North America, Europe, and other continents. The Great Depression was the longest and most severe misery the Western world has ever faced. Along with the episodes that struck during the Great Depression, the countries involved have improved their industrialization and economy. The Great Depression advanced and transformed the world because of the military dictatorships, fascism, militarism, totalitarian, capitalism, and the unemployment that resulted to this action.
With a globalized system, a credit crunch can cause a ripple effect in the entire economy and very quickly turning a global financial crisis into a global economic crisis. The subprime mortgage crisis led to the failure and closure of large financial institution one of which was the collapse of Lehman Brothers in September 2008. This sent a wave of fears around the world in the financial markets. Large projects were called off, corporate sector stopped borrowing due to high interest rates, trade credit was impossible to attain, with falling demand, particularly for investment goods and manufacturing durables such as automobiles, trade volume collapsed. The crisis had threatened the collapse of many other large financial institutions but was prevented by the bailout of banks by national governments.