The 1930s plagued St. Louis with unrelenting economic hardships until war based economies began to prepare for the inevitable global conflict of the early 1940s. World War II revitalized the economy of the St. Louis region and relieved the population from the constraints of the Great Depression. The city experienced a 50% decrease in manufacturing, and unemployment levels greater than 30% by the end of 1933. Projects through the Works Progress Administration put people to work, but did little in reviving the ailing city. The threat of World War II, however, relieved St. Louis from the economic strife and put men and women of all races to work in order to aid the allied war effort. St. Louis changed to accommodate the new war industries by allowing companies to come into the region, such as Atlas Powder Company, and also by changing current production practices for the war as when Chevrolet converted to creating amphibious vehicles for the Normandy Invasion. The war created much needed jobs for the city and its residents. World War II economically revitalized the city, but it also ch...
The Great Depression is one of the longest and most severe economic hysterias experienced by the industrialized Western world. During the depression the political, economic, and social institutions in the U.S were in bad conditions. The government, various groups, and individuals sought ways to address the problems that Americans faced. Starting in the United States and later on engulfing nations worldwide, the Great depression that up rose in the industrialized western world, began the biggest market crash in History.
Cecchetti, Stephen G. "Understanding the Great Depression: Lessons for Current Policy ." Monetary Economics (1997): 1-26.
The Great Depression was a period, which seemed to go out of control. The crashing of the stock markets left most Canadians unemployed and in debt, prairie farmers suffered immensely with the inability to produce valuable crops, and the Canadian Government and World War II became influential factors in the ending of the Great Depression.
Most people point out the crash of the "Stock Market" as the major cause but, there was also a drought known as "The Dust Bowl", that caused crops in that day to not grow resulting in farmers having to sell the items at higher prices that most people could not afford.
October 29 1929… What does this date mean to us in the U.S.? It means a great deal-For that is the day that we started what we thought was the beginning of the end. It was the beginning of what many would call the Great Depression.
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:
In the exciting history of America, the roaring 20’s Americans were living the dream of prosperity. However when the Great Depression hit later in 1929 the fun was over, tension grew among the nation. Throughout the timeline of 1920-1941 America accustomed extensive episodes that affected the globe and all happened in a short period of time. Beginning with the end of WWI (1918) to the Roaring 20’s, the Great Depression (1929), the beginning of WWII (1939) and the chilling horrors of the Pearl Harbor attack (1941), these events were faced with complications and frustrations, despite this the Presidency of Franklin D. Roosevelt made quick responses to restabilize the country, starting with the change of American foreign policies, demonstrated
The Era of the Great Depression was one of both desperation and hope. Americans were desperate for a change, desperate for anything to come along that may improve their situation, yet hopeful that the light at the end of the tunnel was near. For many of those living in poverty during the 1930s, the “radical” leftist movements seen throughout the country appeared to be alternatives to the sometimes ineffective programs of FDR’s New Deal. Two such programs, Huey Long’s “Share Our Wealth” plan and Upton Sinclair’s End Poverty in California (EPIC) were fairly popular, mainly for their appealing alternatives to the current New Deal programs and ideals. Though the two movements were similar in some sense, both had different visions for the recovery of the American people.
The start of the age of concern and political dictatorships grew as many people searched for stability and an answer to the economic hardships of the Great Depression. The ending result was a combination of the rebirth of authoritarian rule joined by cruel and forceful tyranny which reached its highest peak in Germany and the Soviet Union. Hitler was the leader of the Nazis of Germany, Joseph Stalin was the leader of the Soviet Union, and Mussolini was the leader of Italy. Hitler’s hostility towards Poland caused World War II. The fears of the 1920s- 1930 was a disturbing part in history. The beginning of totalitarian states grew with the Great Depression, Adolf Hitler, Joseph Stalin, Benito Mussolini, and Francisco Franco of Spain.
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.
The events of the 1930’s, or the Great Depression, did the most to influence contemporary America. During the twenties, America was at its most prosperous economic times until the stock market crashed in 1929. The stock market crash led to a dramatic decline of the U.S. economy. The decline in the economy changed Americans everyday lives. In 1932, Franklin D. Roosevelt was elected president and he created the New Deal to provide relief, recovery and reform. The Depression impacted America in the 1930’s in every aspect of life and still impacts America today. Although contemporary America was shaped by many events that occurred in the 20th century, America was most influenced by the 1930’s because of legislation that improved daily life during the Depression, the effects on the economy, and how leisure time and entertainment changed our culture.
In 1929, A Yale University Economist Irving Fisher stated. " The nation is marching along a permanently high plateau of prosperity".(5) 5 days later the stock market crashed and the worst economic downturn in American history called the "Great Depression" began. The Depression started in 1929 and would last for a decade until we entered War World II. The Great Depression affected every part of economy and no job was safe. In 1929 unemployment was at 1.5 million and by 1933 unemployment reached over 13 million which meant 1 out of 4 were out of work (3). Some who were successful businessmen before the stock market crash and now selling pencils or apples on the street corners after the crash .Many business closed their doors, factories shut down and banks failed causing homelessness, poverty and general despair on many Americans. Huge numbers of Americans had their lives upset by the Depression. Tens of thousands of migrant farm workers traveled the nation looking for employment. Farming income fell some 50 percent and people went hungry because so much food was produced that production became unprofitable. Many Americans watched their homes and life savings be lost because of the stock market. Confidence in the market was lost and without that confidence investors pulled out and the market collapsed.(4)
The Great Depression not only affected the United States but the world in general. In my estimation some the reasons for the depression was the combination of the greatly unequal distribution of wealth throughout the 1920’s and the debts not paid back from WWI.
Once the war ended, soldiers returned home to find a prosperous economy with innovations and jobs. Sub-sequentially, in 1950 and 1960, the commodity industry was booming and citizens had disposable money to spend (Broughton 27). Manufacturing towns such as Galesburg saw immense prosperity. In ten years leading up to 1974, manufacturing jobs increased by 62% in 1974 and the area was quickly coined Appliance City (Broughton 33). However the economy started to shift and these companies needed to find ways to cut their costs and remain competitive to make a profit. For the decision makers in these firms, “everything boiled down to economics… what can a company do to reduce or minimize their costs” (Broughton 82). Instead of attracting cheaper labor, Maytag and other manufacturing companies relocated their plants in less developed companies, such as Mexico. This environment provided cheaper resources of all kinds. Maytag closed its Galesburg facility to open one in Reynosa Mexico and several other companies did the same. From 1998 to 2003, the United States lost three million manufacturing jobs (Broughton 64). This drastically killed American towns that were reliant on these jobs. Towns such as Galesburg lost their jobs and became a ghost
The Great Depression of the 1930s is a period of time that was highly influenced by social memory, in that the social status you had, your gender, occupation, etc meant that you experienced the Depression differently from the next person, your account was influenced by your social groups/status. It is generally acknowledged that the Great Depression was a period of immense suffering for most. Hence the name given to the period. However, for some, the Great Depression is seen as a time in history where many prospered, and some even see a boom in the economy. The three accounts "Age of Extremes ch3", "The Dawn of Affluence, Reading 13" and "Coping: Middle- and Upper-Class Women. Reading 14" all illustrate different points of view on the Great Depression.