The great depression was at time that for many people still summons up images of American people who believed that hope was lost. The great depression was a period of unprecedented decline in economic activity, which led to major causes. This is known as The Great Depression. It occurred between 1929 and 1939. Although part of the economy had begun to recover by 1936, high unemployment rate persisted until the Second World War.
The Great Depression lasted for many years and brought countless people down in the mess of it all. The three main factors to the economic collapse during this period was the Stock market crash of 1929, the failure of many banks in the United States, and a severe drought. The Stock market crash of 1929, also called the Great Crash, was a sharp decline in U.S. stock market values, which was the biggest factor of economic decline during the Great Depression. Although it was not the direct cause of the Depression, it worsened it by creating factors that led to economic downfall. On October 24 of 1929, otherwise known as Black Thursday, a record 12,894,650 shares were traded.
Also the parliament approving the Snowden 's emergency budget helped remove the budget deficit in Great Britain. B. Economic and social indicators. Read about the economic and social impact of the Great Depression in your country and answer the following table: Unemployment rate% 1929 - 2% 1932- 22 % ……. 2.5 million In the northeast parts of Great Britain unemployment was at 70% Currency Compared to the dollar $4.87 (Gold Standard) $3.69 (by this time they had already left the Gold Standard Recovery strategies These recovery strategies made things worse: They increased the income tax Introducing the means test that “determined of whether an individual or family is eligible for government assistance”.
In 1929 America fell into “The Great Depression’’ which lasted until 1939. The great Depression was a time where America was both economically and socially weak. The American economy fell due to the oblivious actions of the government. Many people had enormous debt and many banks had no money. Businesses fell because many people bought products on credit.
What were the main causes of the Great Depression? The Great Depression, which began in 1929, was a financial crisis that had a seriously negative impact on the whole of the western world. Although it is agreed by most historians that the crisis began in 1929 with the Wall Street Crash, it was not until the 1930s that the crisis took its toll on the majority of the countries involved. This period would last until 1941, when the United States began preparations to enter the Second World War. Many people believe that the main cause of the Depression was the Wall Street Crash however this is far from the truth.
After America’s economy spent ten years flourishing following World War 1, suddenly it all plummeted. Although the previous decade was fruitful, there were underlying problems occurring. What followed was that traumatic day; most consider it the beginning of America’s Great Depression. The Great Depression continued for an entire decade, not only in the United States, but also across the rest of the world. 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.
No other serious disasters occurred with the exception of the crash of 1987. However, around 2007, the recession that had its roots in America, cropped up and affected the whole world. India, luckily was in a position to tackle the situation and was not as devastated by the recession as certain other countries were. To this day the Great Depression is considered as one of the longest and deepest depressions in the history of mankind. Several lessons were learnt from it and many new measures were adopted to prevent this sort of a catastrophe to happen once again.
The Great Depression was the devastating result of many bad and stupid decisions made by American people. One of the first crucial mistakes was that American people truly believed the economy was stable even “The President had promised that economic gains would continue and that poverty would disappear” (“Great Depression, Causes of (Issue)” 1). President Hoover’s false assumptions about the future of America gave American’s false hope and to make that speech was ignorant and foolish. Hoover had no place to say that America was on the rise when it was not. “The most crucial barrier to U.S. economic health was the unstable character of the international economy following World War 1 (1914-1918)” (“Great Depression, Causes of (Issue)” 1).
Many people suffered without jobs, food, money, or even shelter. Now, there were many leaders in the event and, there was lot’s of leadership along with that. Even though all of this, the Great Depression left an astonishing legacy. The initial cause of the Great Depression was the stock market crashes, which happened on Thursday October 24, 1929 that is known as, “Black Thursday”. A series of events led to the crucial crash such as millions of Americans beginning to purchase stock, make investments in money, and stock prices became very high.