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People were still withdrawing money from banks which compelled other banks to close. This resulted in closing industry because capital was either with stock exchange or banks. Closure of business and industry left many people jobless. These homes were made of newspaper and cardboards (Watkins 46).
Dust storm was named dust bawl that affected farmers and they were unable to feed themselves. Drought eliminated grass from the planes. Depression affected millions of people in America and they could not find jobs. Shantytown was housing made for people who could not afford house. It was free so many people moved to shantytown (McElvaine 34).
Depression occurred during rule of president Hoover and he was made responsible by people for great depression in America. Roosevelt won the presidential elections of 1932 and became president of America. He brought major shift in policies to get the country out of immense crisis (Watkins 69). People had many expectations from Roosevelt and he introduced certain reforms to overcome depression. Banks were asked to reopen once they overcome the financial crisis. The policies and programs introduced by Roosevelt were known as the “New Deal”. These programs helped farmers including other programs like Agricultural Adjustment Administration and Works Progress Administration. People were hired for different projects for reducing unemployment (Watkins 73).
After success of these programs, Roosevelt became hero and got fame in the masses. Roosevelt considered his efforts very important for ending great depression. However, it is still not clear that how much New Deal contributed towards ending great depression in America. Some ease was brought by the “New Deal” but economy was still struggling for revival by end of 1930s. Second World War was a turning point for American economy (McElvaine 51). Especially, the attack on Pearl Harbor and entering of country in World
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It began in 1929 and stayed till late 1930s. The United States is one of those countries that were badly affected by this severe economic turmoil. This essay points out the main causes of the great depression along with its impact on the American society.
It all started in 1929 and the world trade shrank by more than 50 percent. The great depression is known as the worst economic decline in modern economics history. Employment decreased greatly all over the world and poverty reached new levels.
It is a time in history when the world`s economy depreciated to the lowest grid ever in the late 1920s (Burg, 2005:15). During this phase it recorded the highest unemployment levels, the production process in the world almost came to a halt, and a sharp decrease in the stock market prices.
The Great Depression
The Great Depression was a severe depression of the economy on a global scale that occurred in the 1930s decade and preceded the Second World War. The Great Depression served as the longest and broadest depression of the economy with the most significant effect in the 20th century.
After World War 1, America became a wealthy nation, people moved from rural areas to the cities in search of a successful life. America’s industrial sector was growing rapidly and there was plenty of employment. People speculatively invested in the stock market without regards to future occurrence they believed that it would continue to rise in the years to come.
The lingering ravages of Great Depression are still visible in terms of the economic crises it created to successive generation of families. According to economists, this damaging phenomenon was directly
Women became full of life and started drinking, wearing short skirts and worse of all, smoking same to men (Freedman 61). Many average American bought automobiles accosted by household appliances on credit. In as much as many businesses grew by 65% from
Although some countries like Germany were experiencing the economic depression by 1928, the economic slump that hit U.S economy in October 1929 marked the beginning of the great depression (Smiley 1). The
According to the report during the 1920's, America was going through a period of economic success that saw the emergence of new technologies such as home appliances, machinery used in agriculture, and growth of the credit industries. Due to this boom, farmers and companies increased their production to a point where they lacked a market for their produce.
2 Pages(500 words)Essay
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