The Wall Street Crash and The Great Depression Essay

The Wall Street Crash and The Great Depression Essay

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The Wall Street Crash and The Great Depression

When the stock market collapsed on Wall Street on Tuesday, October 29,
1929, it sent financial markets worldwide into a tailspin with
disastrous effects. The German economy was especially vulnerable since
it was built out of foreign capital, mostly loans from America and was
very dependent on foreign trade. When those loans suddenly came due
and when the world market for German exports dried up, the well oiled
German industrial machine quickly ground to a halt. As production
levels fell, German workers were laid off. Along with this, banks
failed throughout Germany. Savings accounts, the result of years of
hard work, were instantly wiped out. Inflation soon followed making it
hard for families to purchase expensive necessities with devalued
money. Overnight, the middle class standard of living so many German
families enjoyed was ruined by events outside of Germany, beyond their
control. The Great Depression began and they were cast into poverty
and deep misery and began lookin...

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