Effects Of Philadelphia

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The Great Depression, a time in the United States where the national economy caused many hardships and struggles among citizens throughout the country. Beginning on October 29, 1929, proceeding through the 1930s and coming to an end in 1939, the Great Depression put a damper on the economy of the United States. The effects of the Great Depression were felt in every corner of the United States, however, economic centers throughout the country were hit harder than rural areas, such as the City of Philadelphia. In 1930, Philadelphia was the third largest city in the United States, with a population of roughly 1,951,000, thus meaning that one the city of Philadelphia was one of the largest cities contributing to the national economy at the time. Philadelphia felt the effects of the Great Depression, when thirty of the eighty-nine banks located in the city failed, deposit rates fell at an alarming rate, and homeowners struggled to pay their mortgages. The Great Depression led to many emerging policies throughout the…show more content…
At the time Philadelphia was known as “The workshop of the world” due to the jobs in the shipyard building ships for World War I, textile plants throughout the city as well as a large food processing industry. Although these industries had been booming throughout the start of the 20th century, Philadelphia saw an increase in unemployment before the Great Depression even began. Unemployment was at ten percent in April of 1929, roughly six months before the stock market crash, this unemployment was caused by the movement of textile plants as well as plants in other industries moving to new areas in the region such as the Reading, Pennsylvania, a small city located outside of Philadelphia. The relocation of these factories led to many losing their jobs as people in the new location were hired to work in the

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