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...
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"Life During the Great Depression." AllAboutHistory.org. 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. Crisisofcredit.com, 2012. Reasons behind 2008 Recession. YouTube, 29 July 2012. Web.
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