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The Great depression - Essay Example

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This marked start of government involvement in economy as well as society. On 29 October 1929, the stock market suddenly crashed after a boom and this was start of…
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The Great depression
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Download file to see previous pages 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 ...Download file to see next pagesRead More
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