The Great Depression affected millions of people. No one could escape its severity. It grasped onto America and refused to release its hold. Some of the most influential men in America tried to relinquish some of its asperity but to no avail. America was sunk in an economic crisis that would cost billions of dollars and many lives. The Great Depression was a time of large economic struggle for America and although other attempts were made, the true cause for its end was America’s entrance into World War II.
The Great Depression was a time of little hope in the United States. It affected all kinds of people from farmers to the average businessman. It all started on what is referred to as ‘Black Tuesday.’ October 29th, 1929 was one of the most influential days in the History of the American economy. Buying on Margin was a trend developed in the late twenties when the citizens of America could not afford to invest in stocks but yet saw a reward in buying them anyway. Due to buying on margin, 8.5 billion dollars were loaned to the American people, which was more than the amount of currency in circulation. 16 million shares were traded on Black Tuesday and the stock market completely crashed. Large corporation owners and wealthy investors tried to fix the dilemma by buying large pieces of stock but the market had officially crashed and the American people had lost 14 billion dollars in that single day and that value would only increase until November 13th when the market reached its all time low (Nishi, 2001).
As the Great Depression grew in severity, America needed a new leader. They needed someone who would guide them to a path of renewal and relief. That leader was elected in 1932 and his name was Franklin D. Roosevelt. Born Jan...
... middle of paper ...
...d as a community. The Great Depression was an antipathetic time for the citizens of America but, with the entrance into World War II, the United States made a full recovery back into being the proud nation it was founded to be.
Works Cited
Grahame-Smith, D. (Ed.). (2011). World War II: Global Chaos. New York: Marshall Cavendish
Corp.
History.com Staff. (2010). Baby boomers. http://www.history.com/topics/baby-boomers.
Hosch, W. (Ed.). (2010). America At War: World War II: People, Politics, and Power. New York:
Britannica Educational Publishing.
Isserman, M. (1991). America At War: World War II. New York: Facts On File, Inc.
Kallen, S. (2000). World War II: The War At Home. San Diego: Lucent Books, Inc.
Nishi, D. (Ed.). (2001). The Great Depression. San Diego: Dover Publications.
PBS. (2007). War Production. http://www.pbs.org/thewar/at_home_war_production.htm.
Zieger, Robert H. (2000). America’s Great War: World War I and the American Experience. Lanham, MD: Rowman & Littlefield Publishers Inc.
The Great Depression is a sad era of United States History. The Great Depression was a massive economic depression. It affected many people’s lives across the United States. People’s lifestyles changed dramatically going into the Great Depression. There were many factors that caused the Great Depression.
When “Black Tuesday” struck Wall Street on October 29th, 1929 investors traded 16 million shares on the on the New York Stock Exchange in just a day which caused billions of dollars to be lost and thousands of investors who got all their money wiped out. After the fallout of “Black Tuesday” America’s industrialized country fell down into the Great Depression which was one of the longest economic downfalls in history of the Western industrialized world. On “Black Tuesday” stock prices dropped completely. After “Black Tuesday” stock prices couldn’t get any worse or so they thought but however prices continued to drop U.S fell into the Great Depression, and by 1932 stocks were only worth about 20 percent of their value. Due to this economic downfall by 1933 almost half of America’s banks had failed. This was a major economic fallout which resulted in the Great Depression because it caused the economy to lose a lot of money and there was no way to dig themselves out of the hole of
The United States and World War II. New York: Harper & Row, 1964. Print. The. Feis, Herbert.
The Great Depression is a an era when the US economy was at its lowest. It is after the Roaring 20s. The depression was caused mainly because of the crash of the stock market in 1929 and the government’s failed attempts to help the people. Many people’s belongings are bought with credit so they lost all their money and most of their things when the bank system failed. Others lost their jobs and many men left their families because they felt ashamed that they can’t support their family. The social fabric of the Great Depression changed greatly from the previous era. The changes in the social, the political, and the economic part of the US are part of the change in the social fabric.
Jeffries, John. Wartime America: The World War II Home Front. Chicago: Ivan R. Dee, 1996. Print. American Way.
Barnett, Correlli. World War II: Persuading the People. Orbis Publishing Limited, 1972. Pgs. 76 -- 102.
Chafe, William H. The Unfinished Journey: America Since World War II. New York: Oxford University Press, 1999.
“The effect of World War II” 1950s vol. 4. Danbury: Grolier, Scholastic Library Publishing, 2005.
O'Neill, William L. World War II: A Student Companion. New York: Oxford UP, 1999. Print.
Great Depression was one of the most severe economic situation the world had ever seen. It all started during late 1929 and lasted till 1939. Although, the origin of depression was United Sattes but with US Economy being highly correlated with global economy, the ill efffects were seen in the whole world with high unemployment, low production and deflation. Overall it was the most severe depression ever faced by western industrialized world. Stock Market Crashes, Bank Failures and a lot more, left the governments ineffective and this lead the global economy to what we call today- ‘’Great Depression’’.(Rockoff). As for the cause and what lead to Great Depression, the issue is still in debate among eminent economists, but the crux provides evidence that the worst ever depression ever expereinced by Global Economy stemed from multiple causes which are as follows:
October 29th, 1929 marked the beginning of the Great Depression, a depression that forever changed the United States of America. The Stock Market collapse was unavoidable considering the lavish life style of the 1920’s. Some of the ominous signs leading up to the crash was that there was a high unemployment rate, automobile sales were down, and many farms were failing. Consumerism played a key role in the Stock Market Crash of 1929 because Americans speculated on the stocks hoping they would grow in their favor. They would invest in these stocks at a low rate which gave them a false sense of wealth causing them to invest in even more stocks at the same low rate. When they purchased these stocks at this low rate they never made enough money to pay it all back, therefore contributing to the crash of 1929. Also contributing to the crash was the over production of consumer goods. When companies began to mass produce goods they did not not need as many workers so they fired them. Even though there was an abundance of goods mass produced and at a cheap price because of that, so many people now had no jobs so the goods were not being purchased. Even though, from 1920 to 1929, consumerism and overproduction partially caused the Great Depression, the unequal distribution of wealth and income was the most significant catalyst.
2.Kimball, W. F. (2004). Franklin D. Roosevelt and World War II. Presidential Studies Quarterly, 34(1), 83+. Retrieved May 16, 2011, from Questia database: http://www.questia.com/PM.qst?a=o&d=5006516105
The stock market crash of 1929 was the primary event that led to the collapse of stability in the nation and ultimately paved the road to the Great Depression. The crash was a wide range of causes that varied throughout the prosperous times of the 1920’s. There were consumers buying on margin, too much faith in businesses and government, and most felt there were large expansions in the stock market. Because of all these positive views that the people of the American society possessed, people hardly looked at the crises in front of them.... ...
The Great Depression was the deepest and longest-lasting economic downfall in the history of the United States. No event has yet to rival The Great Depression to the present day, although we have had recessions in the past, and some economic panics, fears. Thankfully, the United States of America has had its share of experiences from the foundation of this country and throughout its growth, many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn, from this single tragic event, numerous amounts of chain reactions occurred.