The Great Depression

The Great Depression The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. There were a few main areas of focus during the Great Depression. The key areas were the Crash of the Stock Market, Unemployment Rate, the effect on the rest of the world, World War II and our political out look and the way different countries handle themselves today. The Great Depression was the longest and most severe depression ever experienced by the industrialized Western world.

The Great Depression The Big Picture The Great Depression was the longest and most severe economic decline in American history. On October 29, 1929, the stock market crashed and began the depression. Although industry leaders issued optimistic predictions for the nation's economy, the market crash wiped out nearly 40% of the paper values of stocks. Great innovations in productive techniques during and after the war raised the output of industry beyond the purchasing capacity of U.S. farmers and working force.

October 29,1929 was the day when my world got turned upside down. It was dubbed Black Tuesday because that was the day the Stock Market crashed where many people and corporations frantically tried to sell their stocks before the prices fell to the lowest they've been in years. (pg.485)

In the late 1920s, the United States was said to have one of the most prestigious economies in the world. Herbert Hoover reigned as president, and was assured that the American economy would continue to prosper, and eventually obliterate poverty in the U.S. However, the stock market crash in 1929 forever changed Hoover’s plans. 1929 to 1939 was one of the most devastating decades in American history. This time period, known as The Great Depression, was a 10-year national crisis that led the country to economic depression and mass unemployment (The Great Depression). “It ranked as the worst and longest period of high unemployment and low business activity in the 1900s” (Mitchener). Many factors led the United States into its longest financial despair.

The Great Depression At the end of the 1920s the world experienced a devastating economic depression that struck countries with market economies. Despite the great depression being mildly experienced in some countries, the United States of America was hit so mind-bogglingly that at its nadir in 1933 an approximate value of 25% of all workers and an overwhelming 37 % of all non-farm workers were completely out of work and thrown to the curbs. The book Great Depression: People and Perspectives that is written by Hamilton Cravens gives us a peek of the tribulations suffered and encountered by individuals during the trying times of the Great Depression. It showcases the adverse level of suffering experienced, enlightening the sad misfortunes faced by individuals, instances where some individuals starved to death with their loved ones helpless and instances where many others lost their treasured homes and farms. It paints a pictures of homeless vagrants niggling onboard freight trains that crossed the nation for lack of the necessary funds (Cravens, 2009).

During the Great Depression, people all across the United States faced many hardships and life changing adversity. In fact, some men went the entire Depression without finding a job and found it very difficult to accept financial and material help from the government. The Great Depression affected all groups, ages, and races of people. African Americans and business owners were two groups particularly affected by the Great Depression. They share similar and different Great Depression experiences. Many men walked out on their families because they felt like they had failed their families and could not look at them the same anymore. The same concept happened with teenage boys, they would leave their families to lessen the burden on them. These kids were called “Wild Boys”, most of them would move out west to find work.

The Great Depression in the United States began on October 29, 1929 when the American stock market crashed after it had been steadily rising for nearly a decade. It took the nation into its worst economic state yet. Trust in banks failed, and the country’s money supply was depleted; companies went bankrupt, and as a result, began terminating many workers. By 1932, at least 25% of America’s workforce was unemployed. Since President Herbert Hoover (1929-1933) refused to believe it was the federal government’s problem to handle, it was pushed onto President Franklin Roosevelt when he took office in 1933. He acted quickly on the matter by creating the “New Deal”. The New Deal was a series of programs created in the United States between 1933 and 1936. It was created to stabilize the economy and provide jobs to those who were suffering. They included laws passed by congress and presidential orders during President Roosevelt’s first term. The programs focused on relief, recovery, and reform. Relief was for the unemployed, recovery of the economy to normal levels, and reform of the financial system to prevent another depression.

1929-1942 America at its lowest. How did such a catastrophe arise? Who did it affect? What was the outcome of this horrid era? The Great Depression is known for its downfalls, such as agricultural scarcity, poor banking, and the ignorance of man.

Introduction It should be noted that all of the cures have been tried and while we seem to be free of Depressions, it's not clear that business cycles have been eliminated. Causes The Stock Market Crash The Stock Market Crash in October of 1929 is often cited as the beginning of the Great Depression, but did it actually cause it?

Great Depression In the United States between 1929 and 1933, one hundred thousand businesses were unsuccessful. Corporate profits plummeted by nine billion dollars. Americans’ deposits were vanishing behind the closed doors of the banks. At the beginning of 1930 those without jobs totaled four million; however, by the end of 1930 that number had rose to six million (Norton 696). All of these events characterizing the Great Depression were occurring during the Herbert Hoover administration.