Great Depression vs. The Great Recession

analytical Essay
1439 words
1439 words

The Great Depression versus the Great Recession Since 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. After World War I America became the world’s center for trade. The economic center of the world moved from London, England to New York City, New York, United States of America, and more specifically Wall Street (Buhle, Mari J, Czitzrom, Armitage 848). Due to women, the 1920’s marked economic and social change in America. Women took over men’s jobs during the war while their husbands were overseas, and once the men came home the women wanted to keep their positions. To show gratitude to these women Congress passed the 19th Amendment on August 18th, 1920 which prohibited any United States citizen from having the right to vote based on sex. This change in women’s social status led to more workers in the factories, which were usi... ... middle of paper ... ...FY 1930." N.p., n.d. Web. 7 Apr. 2014. "How the Great Recession Has Changed Life in America." Pew Research Centers Social Demographic Trends Project RSS. PewResearch, 30 June 2010. Web. 14 Mar. 2014. "Life During the Great Depression." All About History, n.d. Web. 09 Mar. 2014. Mulligan, Casey B. "Who Lost Work During the Great Recession?" Economix Who Lost Work During the Great Recession Comments. New York Times, 07 Sept. 2011. Web. 11 Mar. 2014. Reasons behind 2008 Recession. Dir. Jonathan Jarvis. Perf. John Levoff., 2012. Reasons behind 2008 Recession. YouTube, 29 July 2012. Web. zShmoop Editorial Team. "Politics in The Great Depression." Shmoop University, Inc., 11 Nov. 2008. Web. 13 Mar. 2014. Waggoner, John. "Is Today's Economic Crisis Another Great Depression?" USA Today. N.p., 4 Nov. 2008. Web. 7 Mar. 2014.

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 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
  • Explains the zshmoop editorial team's "politics in the great depression."
  • Analyzes waggoner, john, "is today's economic crisis another great depression?" usa today.
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