Compare And Contrast The Great Depression And The Recession Of 2008
analytical Essay
1712 words
Throughout history there have only been two major economic downturns. The Great Depression and the Recession of 2008 both occurred due to poor financial policies and excessive spending. Both events left people with a sense of hopelessness and vulnerability. A comparison of the Great Depression Era and The Recession of 2008 reveals similarities in causes and effects economically, socially, and politically. Life after the war took a toll on many Americans. The destruction of the war caused many people to lose faith in reason and progress. Some people became existentialists, which are people who believe there is no meaning to the world. Writers showed the horrors of life after war, artists rebelled against traditional paintings and composers began to create music with unusual rhythms and harsh sounds. While America’s economy was quickly growing, people were struggling. Workers could not buy enough goods and when their purchases slowed down, the production in factories also slowed down. Farmers faced slow sales with low prices. These farmers were unable to repay loans and most farmers lost their land. The war made many Americans confused and changed their way of life, which led to the Great Depression. After the 1920’s boom in the economy, Americans started to buy a surplus of unnecessary items. Women began to change how …show more content…
In this essay, the author
- Compares the great depression era and the recession of 2008 to reveal similarities in causes and effects economically, socially and politically.
- Analyzes how the destruction of the war caused many americans to lose faith in reason and progress. writers showed the horrors of life after war, artists rebelled against traditional paintings, and composers created music with unusual rhythms and harsh sounds.
- Explains that after the 1920’s boom in the economy, americans began to buy a surplus of unnecessary items. women became flappers to express their disapproval with how women were supposed to act.
- Describes consumerism as the culture surrounding the buying and selling of products during the 1920s.
- Analyzes how the great depression caused many banks to fail. people gathered around the bank doors to read the little, typewritten notice on the door.
- Analyzes how germany was affected by job loss and inflation during the great depression. the government allowed inflation to continue because big factories, banks, and multimillionaires were unaffected.
- Explains that germany and the united states created advanced and aspiring programs to deal with the unemployment issues and economic crisis caused by the great depression.
- Explains that many americans felt confused over the spending millions of dollars towards weapons and war efforts to end communism.
- Explains that the economy grew rapidly and the wages began to grow with it, which opened the door for consequences. the inequality continued to spread as ceos made 296 times more than the average employee.
- Analyzes how the recession created a decline in the economy due to the reduction in consumerism and increase of bank loans.
- Explains how the clinton administration reduced the reserve requirement to 2.5%, making it easier to get mortgages and making monthly mortgage payments low. when home prices peaked in 2005-2006, people could no longer increase their mortgage debt.
- Explains that the recession caused unemployment, rising poverty, and rising prices. college graduates and high school graduates had a difficult time finding jobs that provide health insurance coverage.
- Analyzes how the recession pushed americans towards a new and diverse type of government. sanders believes in free college and single-payer health care.
- Explains that the great depression era and the recession of 2008 reveal similarities in causes and effects economically, socially, and politically.
The end of the Cold War was marked by the fall of the Berlin Wall. At this time, many other European Communist nations began to fall as well. People pointed out that there was not an obvious winner of the Cold War. However, thousands of American lost their lives waging proxy wars in Korea and Vietnam. “People believed the military spending policies of the Reagan-Bush years forced the Soviets to the brink of economic collapse.” However, Americans hoped they remained safe and marked with security and
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- Great Depression Compare And Contrast Essayanalytical essayThe Great Depression was the worst period in the history of America’s economy. There is no way to overstate how tough this time was for the average worker and there was a feeling of desperation that hung over the entire country. Current political wisdom leading up to the Great Depression had been that the federal government does not get involved in business or the economy under any circumstances. Three Presidents in a row; Warren G. Harding, Calvin Coolidge, and Herbert Hoover, all were cut from the same cloth of enacting pro-business policies to generate a powerful economy. Because the economy was doing so well during the “Roaring 20s”, there wasn’t much of a dispute
In this essay, the author
- Analyzes how the new deal merely introduced social and economic reform familiar to many europeans for more than a generation.
- Explains that the great depression was the worst period in the history of america's economy.
- Analyzes how president roosevelt's strategy of handouts, federal jobs, subsidized loans, demonizing businesses, and public works projects in swing states worked well politically, but the second world war ended the depression.
- Explains that eyewitness to history editors (2000), america in the 1930s. boundless, "hoover's efforts at recovery."
- Cites hardman, j., and edwards, c. (2005, september). the government and the great depression.
1412 wordsRead More - The Great Depression in Americaexplanatory essayThe 1920’s was a very prosperous period for many Americans. Food production increased 64 percent, worker productivity increased by 40 percent, electricity sales doubled, fuel consumption more than doubled, and pay was increased for many industrial workers (Davidson, 2008). With the soaring economy and new items hitting the shelves all the time, American consumers were living the high life. Even if you wanted something and did not have the money you could simply get it on credit and pay for it later. After all, the economy was showing signs of immense economic prosperity with productivity at an all time high what could go wrong. Construction soared with the building of new skyscrapers, suburbs, and road construction. The automobile became cheap enough for almost any average family to afford. “Traffic jammed the nation’s highways and created a need for gas stations, roadside restaurants, tire manufacturers, and other businesses” (Roaring Twenties, 2011). The New York Stock Exchange’s “rising share prices encouraged many people to…buy shares in hope of making large profits following future price increases” (Mitchener, 2011). However, despite the booming prosperity of technology, consumer spending, economic growth, and a complete change of culture, there were still many that did not share the prosperity of others. “Prices of farm products fell by about 40 percent in 1920 and 1921” (Mitchener, 2011) which caused farmers to have to borrow a lot of money from the banks to keep their farms going. When farmers could not pay their debts they either had to move or rent their homes from the banks. Many of these banks went out of business from 1921 to 1929. Americans had no idea that their booming economy was about to c...
In this essay, the author
- Explains that the 1920's was a prosperous period for many americans, with food production increasing 64 percent, worker productivity increasing by 40%, electricity sales increasing, fuel consumption more than doubled, and pay increased.
- Explains how the federal reserve system raised interest rates in an effort to slow market speculation, which led to a reduction of spending. millions invested small and lager sums of money into stock, causing the stock market to crash.
- Explains that president hoover was optimistic about the stock market and the unstable economy. he signed the smoot-hawley bill to raise tariffs on farm and non-farm products to reduce foreign competition.
- Explains that roosevelt and congress worked for 100 days to come up with ideas and passed many new laws to hopefully stimulate economic recovery.
- Explains that the civilian conservation corps (ccc) program was an effort to create new job opportunities for young men.
- Explains how the agricultural adjustment act of 1933 helped increase farm income by over fifty percent between 1932 and 1935. poor agricultural practices and years of sustained drought caused the dust bowl.
- Explains that roosevelt's new deal was a more aggressive approach to the economy and earned respect and appreciation from labors, farmers, immigrants, and urban ethnic groups.
- Explains that while many programs and policies formed during the great depression helped to alleviate some of the major strains on the economy, nothing brought the united states out of depression until world war ii began.
- Opines that the great depression bought many changes and a new awareness to americans. roosevelt showed powerful leadership and eased the suffering of millions of lives.
- Cites arnesen, e. (may/june, 2010). stock market crash. cobblestone. retrieved june 19, 2011 from proquest database.
- Explains that davidson, j. w., and delay, b. (2008), nation of nations: a narrative history of the american republic.
- Cites mitchener, k. j. (june 19, 2011). great depression. world book web. retrieved june 19, 2011.
- Cites nelson, c. (unknown). the great depression. modern american poetry. retrieved june 19, 2011.
- Explains that roaring twenties. retrieved june 20, 2011 from world book advanced.
- Cites rung, m. c. (june 19, 2011). new deal. world book web.
- Cites walch, t. (june 19, 2011). hoover, herbert clark. world book web.
1872 wordsRead More - The Great Depression and the Recession of 2008explanatory essayThere were many causes for the great depression in the 1929; the most noticeable one was the stock market crash of 1929. This crash started on the 24 of October then on October 29, the stock market just dropped on a day called Black Tuesday. After that, everything fell, the banks failed because they do not have the money to give out to the people. There was also a reduction in purchasing across the board. There was also severe drought and American economic policy with Europe was strict which made businesses to fall. These things added to the great depression and how severe it became because people and the earth was not cooperating.
In this essay, the author
- Explains the causes of the great depression and the recession of 2008, including the stock market crash of 1929, severe drought, and strict american economic policy.
- Explains that the people living in the great depression had many hardships and were struggling each and every day just to find money to buy food. the unemployment rate went from 9% all the way up to 25%.
- Explains that banks failed during the great depression, and the stock market crash made companies go out of business. the housing market shot down because people weren't buying houses.
- Explains that the great depression lasted in the beginning of our involvement of world war two, when many companies opened back up again, but not to sell or produce things the factory was made for.
- Explains that the recession in 2008 and 2007 made people mad. it was an ongoing marked global economic decline that started in december of 2007 and took a small down turn in september 2008.
574 wordsRead More - Great Depression And The Great Recessionargumentative essayThe Great Depression of the 20th century and the Great Recession of the 21st century were both important economic crises in U.S. history. The Great Depression began in 1929, during the presidencies of Herbert Hoover and Franklin Roosevelt. The Great Recession of 2008 took place at the end of President George W. Bush’s presidency and at the beginning of President Obama’s presidency. The Great Depression was a long-term decline in economic activity, and the Great Recession was a business contraction, also causing a slowdown in economy. In response to the depression, Pres. Roosevelt enforced the New Deal program. In his first term as president, Pres. Obama introduced the Stimulus Plan to help the recession. The Great Depression and the Great Recession both caused a downturn in economic activity, and there are many similarities and differences in the causes and effects of the two crises.
In this essay, the author
- Analyzes the causes and effects of the great depression and great recession in u.s. history.
- Explains that the great depression caused the prosperous american economy of the 1920s to dwindle.
- Compares obama's stimulus plan and roosevelt’s new deal, both aimed to decrease the unemployment rate, create new jobs through govt. spending, and revive the stock market.
- Explains that the great depression and great recession adversely affected the american economy. the 1930s recess was caused by stock market collapse and the recent one by house market crash.
565 wordsRead More - Of Mice And Men Theme Essayanalytical essayIn 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. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and rising levels of unemployment as failing companies laid off workers. By 1933, when the Great Depression reached its nadir, some 13 to 15 million Americans were unemployed and nearly half of the country’s banks had failed. Though the relief and reform measures put into place by President Franklin D. Roosevelt helped lessen the worst effects of the Great Depression in the 1930s, the economy would not fully turn around until after 1939, when World War II kicked American industry into high gear” (History.com). This shows what the charters had to go through around this time and how it was so hard to keep a job and simple be happy with life. This caused so many problems through everybody in their relationship with each other and their family and
In this essay, the author
- Analyzes how john steinbeck's novel, of mice and men, focuses on the loneliness of california ranch life in the 1930s.
- Analyzes how john steinbeck makes the characters different and special in their own way. george milton is a migrant worker who travels with his good friend lennie from farm to farm.
- Explains that lennie is smaller than john and is mind to his own, obsessing over plan and nothing big simple pleasures. he is still capable of many things and knows how to control himself.
- Analyzes how steinbeck's characters hardly communicate in a straightforward fashion, often relying on little and small signs that show the meaning of their friendship.
- Explains that the great depression was the deepest and longest-lasting economic downturn in the history of the western industrialized world.
- Concludes that the story appeal of powerful novel remains intrinsically the moving realization of the central relationship between george and lennie and how their rather stay friends becomes both the defining emotion of their lives.
893 wordsRead More - The 2008 Economic Collapseanalytical essayAfter the great depression back in the 1930’s, America would think they would never run into an economic scare again, until 80 years later when the next big economic disaster would strike. The 2008 economic collapse would not only be triggered and felt by America, but the entire globe as well. You would think that the United States would have a fail-safe plan on defending off another economic crash, but they didn’t and had shown weakness. The 2008 economic collapse is usually refereed to as the global financial crises or the great recession. With the allegation of collapse from large financial institutions, and the bailout of banks by the government, began the second great depression. Many believe that we are still stuck in this recession and have not completed anything to get out of this situation that’s affecting our nation. I believe that the economic crash in 2008 was the finale building block towards a more structural society, political system, and government in the United States of America.
In this essay, the author
- Opines that the 2008 economic collapse was the final building block towards a more structural society, political system, and government in the united states of america.
- Explains the causes of the 2008 economic collapse, but only a few really dealt the damage. sub prime mortgages backfired on banks across the nation resulting in huge financial losses.
- Explains how to fix the u.s. financial crisis. scientific american global rss.
- Analyzes usa today's "timeline: key events in financial crisis." gannett, 09 sept. 2013.
- Analyzes how the 2008 economic collapse caused the american political economy to grow, strengthen, and reinforce the future.
599 wordsRead More - Although The Great Depression and The Great Recession are similar in that they both negatively impacted the American people and were caused partly by the government’s deregulation; their differences lied within the intentions of their similar causes as well as their approaches for remedies. One way that America can avoid hard times such as these is to keep regulations on banks.
In this essay, the author
- Opines that the great depression and great recession are similar in that they both negatively impacted the american people and were caused partly by the government’s deregulation.
- Compares the unemployment rates of the great recession and the depression. both rates reveal the negative impacts upon americans in times of economic crisis.
- Analyzes how the deregulation of banks during the great recession and great depression led to a huge influx of bad loans that the banks could not handle anymore.
- Explains the similarities between the great depression and great recession, but they also have their differences. the housing market crash was caused by the passing of acts that deregulated the market.
- Compares how the great depression was able to be fixed with ww ii which helped stimulate the economy greatly. unconventional monetary policy and extremely low interest rates created major financial risks that could hurt the european and u.s. economies.
- Opines that deregulation of economic aspects such as banking and the housing market are two causes of the great depression and great recession.
- Explains that the great depression and great recession were two of america's greatest economic crises. both were similar in that many people were unable to pay back debts which eventually led to bank failure.
973 wordsRead More - The Great Depressionopinion essayFormer President Calvin Coolidge said, “In other periods of depression, it has always been possible to see some things which were solid and upon which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope- nothing of man” and to some extent it was true. Americans lost all hope in life entering a deep dark tunnel with no light in the end. The Great Depression was not something that appeared out of thin air; it grew over time like a tumor and eventually plagued America with an excessive disease. No decade was more terrifying in the twentieth century than the 1930s. The stock market crashing, due to people buying stocks on load, the debts from WWI farmers and consumers in deep debt, and unequal distribution of wealth all contributed to the economy crashing. The Great Depression had a major impact on American history; it affected one of the greatest nations and countries associating with it. The Great Depression distressed society, farmers and the innocent children in more ways than one can imagine.
In this essay, the author
- Opines that the great depression had a major impact on american history; it affected one of the greatest nations and countries associating with it.
- Explains that the great depression brought forth change in society's attitudes. president hoover was a self-reliant person who believed that americans needed to rely on themselves and to support their families.
- Analyzes how the children were influenced by the great depression. they were forced to work in gruesome conditions to support their families.
- Explains that farmers were the most damaged during the great depression due to overuse of farmland during wwi.
- Opines that life during the great depression was a devastating time for americans. some lost everything along with hope, while others found reasons to survive.
- Describes danzer, gerald a., jorge klor de alva, larry s. krieger, and nancy woloch. "the great depression begins."
- Opines that the great depression hit farms and cities in the 1930s. iowa pathways.
- Analyzes the social and cultural effects of the depression. independence hall association.
1058 wordsRead More - The Great Depression Essayanalytical essay...eeper hole. The American’s lack of attention during the first crashes of the stock market continuously led to a greater and greater downfall of banks and companies. As a result, the unemployment rate sent thousands of people and families rushing to find jobs opportunities elsewhere. This led to abandonment for many families. The great drought caused even more hardships and also sent my farmers and families searching for jobs. To the nations rescue, President Franklin D. Roosevelt was elected and provided many alternative solutions for repairing of America. Roosevelt supplied hundreds of thousands with jobs. He also had acts passed that saved banks and found solutions to protecting American jobs. The beginning of World War II marked the ultimate end of the depression. Although this was the start of another great war, it was also the end of a terrible time in history.
In this essay, the author
- Describes the great depression as the greatest time of recession in american history.
- Analyzes how herbert hoover's ignorance at the beginning of the recession worsened the current state that the nation was in.
- Analyzes how jennifer rosenberg explained the beginning of the 1920's as an era of enthusiasm, confidence, and optimism.
- Explains that roosevelt's "new deal" plan helped keep banks in business and protected people’s savings. roosevelt funded local relief programs to improve life for the americans in need.
- Explains how the stock market crash caused americans to withdraw their money from banks, which led to over 10,000 bank failures in the 1930's.
- Explains that the great depression ended at the beginning of world war ii. the united states went through terrible hardship because of many mistakes of their own.
1429 wordsRead More - Great Depression vs. The Great Recessionanalytical essaySince being founded, America became a capitalist society. Being a capitalist society obtains luxurious benefits and rather harsh consequences if gone bad. In a capitalist society people must buy products and spend money to keep the economy balanced, but once those people stop spending money, the economy goes off balance and the nation enters a recession. Once a recession drastically takes a downturn, the nation enters what is known as a depression. In 2008 America entered a recession and its consequences were severe enough for some people, such as President Barack Obama, to compare the recent crisis to the world’s darkest economic depression in history, the Great Depression. Although the Great Depression and the Great Recession of 2008 hold similarities and differences between the stock market and government spending, political issues, lifestyle changes, and wealth distribution, the Great Depression proved far more detrimental consequences than the Recession.
In this essay, the author
- Explains that america became a capitalist society in 2008, and compared it to the world's darkest economic depression, the great depression.
- Explains that the 1920's marked economic and social change in america. women took over men’s jobs during the war while their husbands were overseas.
- Explains how the pump and dump scheme led to overinflation of stocks and panic buying. the credit backing crumbled and more money was put up to pay the loans when stock prices decreased.
- Explains that the "great recession" focused on the housing bubble. the mortgage broker would sell the mortgage to a bank and the bank would split it into safe, okay, and risky.
- Explains how the investment groups became greedy and the banks turned back to the mortgage brokers to buy more mortgages. the increase in foreclosed houses caused the price of houses to go down.
- Analyzes how the stock market crashed and government spending differentiated between the great depression and great recession.
- Explains that government spending dropped by more than $3 billion just between 1920 and 1922. people spending money and buying raised consumerism in america which allowed the government to lowed federal spending.
- Narrates forbes magazine's "the great depression and the great recession."
- Analyzes buhle, mari j., daniel czitrom, and susan h. armitage. chapter 24: the great depression and the new deal.
- Explains gill, kathy, and about.com us politics' "what caused the great depression?"
- Analyzes harvey, john t., "the great recession: how we got here (and how to get out)." forbes.
- States that hill, ryan, "total spending us from fy 1920 to fy 1930." n.p.
- Analyzes how the great recession has changed life in america. pew research centers social demographic trends project rss.
- Explains mulligan, casey b., "who lost work during the great recession?" economix.
- Analyzes the reasons behind the 2008 recession. jonathan jarvis, john levoff and crisisofcredit.com.
- Explains the zshmoop editorial team's "politics in the great depression."
- Analyzes waggoner, john, "is today's economic crisis another great depression?" usa today.
1439 wordsRead More - The Great Depressionexplanatory essayWhen a person hears the words “The Great Depression,” almost everyone thinks of the worst economic times in the United States. The Great Depression started in the late 1920s and continued on until the early 1940s. It is known as being “the deepest and longest-lasting economic downturn in the history of the western industrialized world” (History.com). We can learn from the occurrences during The Great Depression that government involvement is the deciding factor of whether an economy will expand or continue to shrink during a recession.
In this essay, the author
- Explains that the farmers' struggle happened because of the dramatic decrease in food prices and the loss of export markets following world war i.
- Explains that the great depression was the deepest and longest-lasting economic downturn in the western industrialized world.
- Explains that people were desperate to find work, and riots broke out when it came to food and job opportunities. hoover underestimated the seriousness of the economic downturn and was beat by franklin delano roosevelt.
- Explains smiley, gene, and nelson, cary. "about the great depression." modern american poetry.
1596 wordsRead More - Comparing the Great Depression to the Great Recessionargumentative essayThe Great Depression and the Great Recession of the early 21st Century have many things in common. The Great Depression and the Great Recession both experienced good economic times before they crashed. Prior to the Great Depression, (1921-1929) the annual real economic growth was at 4.4 percent. Though less, the annual real economic growth prior to the Great Recession was at 3.2 percent. The banks before both times moved into new business lines. In the 1920s banks increased real estate lending and also increased investment banking. Prior to the Great Recession, (1990s-2000s) banks increased real estate lending and the securitization of mortgages. In both times, they were preceded by the innovations in consumer finances of their times. Prior to the Great Depression, (1920s) installment in consumer credit became more popular this included monthly payments. In the 2000’s prior to the recession, banks increased real estate lending and the securitization of mortgages. Pre Great Depression and the Great Recession they were asset bubbles in both real estate and tech-stock market. During the 1920s there was a surge in the Florida real estate as well as the stock market. The time during the 1990s and 2000s were a little different because of the fact that the tech stock market also took off and that the residential real estate grew.
In this essay, the author
- Compares the great depression and great recession of the early 21st century. both experienced good economic times before they crashed.
- Analyzes how the federal reserve was highly thought of during the great depression and great recession. both obama and roosevelt increased taxes in their presidency but high taxes followed by large spending.
- Compares the agricultural adjustment administration (aaa) and the federal farm act, which gave money to farmers to try to help them and in turn the economy.
- Cites white house's economic analysis of the car allowance rebate system.
- Explains the "home owners loan corporation." next new deal. roosevelt institute, 2014.
- Explains that f.h.a provides mortgage insurance on loans on single family and multifamily homes. h.o.l.c is a corporation that refinances homes that were to be foreclosed or to default on their payments.
- Explains the car allowance rebate system (c.a.r.s) program put in by obama's administration in 2009. the program encourages the public to buy new and more environmentally friendly cars.
836 wordsRead More