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Paper Assignment: The Great Depression - Essay Example

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[Name of the Writer] [Name of the Institute] [Name of the Course] [Date] The Causes and result of Great Depression compared to the contemporary crisis Thesis Statement The Great recession is one of the biggest ongoing financial crises. Researches show that there are many parallels between the Great Depression and the contemporary recession…
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Paper Assignment: The Great Depression
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Download file to see previous pages The Great Depression The Great Depression began in 1929 and continued until 1939. It spread all over North America, Europe and other developed countries. The Great Depression is known to be the most severe financial catastrophe ever known in history. The main reason for this economic tragedy was the upheaval of the New York stock exchange, which experienced a continued fall of the stock market prices. As a result, most of the banks and financial organizations failed which led to less production, which further aggravated the economic situation. The Great Depression originated from the United States but had an enormous impact across the globe. The reason why it could not remain restricted to the U.S. was the strong relationship bond the United States developed with the European economies after World War I. Owing to the financial debacle, the flood of American monetary aid to other regions was blocked completely. As a result, the European countries fell in a state of financial misery, because these countries were already indebted to the United Sates. Britain and Germany were the two prominent countries that were severely impacted by the great depression. In Germany, unemployment rate increased largely leaving millions of people jobless. Moreover, the economic misery gave birth to leaders like Adolf Hitler in Germany and the expansion of Nazism. Although, Britain was less affected, but its industrial sector collapsed for a long time, and the unemployment also rose to a huge extent. Europe was terribly affected by the financial crisis because the extremist parties toughened weakening the status of democracy. Owing to the huge economic failure, President Roosevelt was elected as president, who initiated a number of schemes to control the situation. Roosevelt came up with various projects to stabilize the economy, but all his efforts were very unproductive, and the economy went down even more. The Great Depression highlighted the hidden flaws and weaknesses of the most developed countries of the world showing their inability to cope with financial issues. For example, before the Great Depression had struck, the governments remained callous during times of the business slump and took no measures to improve the condition, furthermore, to overcome the monetary loss, they relied on unfriendly marketing,. As a result, it badly affected the overall American financial construction and gave birth to the great depression, which is also known as the great crash. After the improvements in taxation, welfare services, the industrial sector and so on, some countries managed to come out of their monetary loss. The beginning of the World War II marked the end of the great depression. The causes of recent recession The main reason of an economic recession is the increasing interest rates. Moreover, despite of the high interest rates and stock market decline the Federal Reserve continued to raise the rates when the economy needed low rates to run their businesses and organizations. Experts say that many factors that lead to the contemporary recession. For example, the main factors include the use of credit cards during 2000-2008, which resulted in getting easy loans and provide large sums of money, which became extremely unsafe. If the ongoing inflation continues, many things would turn ugly, for example, the health insurance provided by the government to the poor will ...Download file to see next pagesRead More
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