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The Effects of Different Political Parties on the U.S. Economy - Term Paper Example

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This term paper "The Effects of Different Political Parties on the U.S. Economy" discusses liberal and conservative economic ideologies. The term paper analyses and considers the tenets of Liberalism which proclaim a strong conviction in democracy and belief…
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The Effects of Different Political Parties on the U.S. Economy
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Download file to see previous pages The Great Depression was the worst economic slump ever in U.S. history and one that spread to virtually the entire industrialized world. Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920s, and the extensive stock market speculation that took place during the latter part of that same decade. The misdistribution of wealth in the 1920s existed on many levels. Money was distributed disparately between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. The excessive speculation in the late 1920s kept the stock market artificially high, but eventually lead to large market crashes. These market crashes, combined with the misdistribution of wealth, caused the American economy to capsize. The ‘roaring twenties’ was an era when our country prospered tremendously.

The nation’s total realized income rose from $74.3 billion in 1923 to $89 billion in 1929 (Hicks, 1960 p. 110). However, the rewards of the (Republican) ‘Coolidge Prosperity’ of the 1920s were not shared evenly among all Americans. According to a study done by the Brookings Institute, in 1929 the top 0.1 percent of Americans had a combined income equal to the bottom 42 percent (McElvaine, 1984 p. 38). That same top 0.1 percent of Americans in 1929 controlled 34 percent of all savings, while 80 percent of Americans had no savings at all (McElvaine, 1984 p. 38). Automotive industry mogul Henry Ford (Republican) provides a striking example of the unequal distribution of wealth between the rich and the middle-class. Ford reported a personal income of $14 million (Baughman, 1996) in the same year. ...Download file to see next pagesRead More
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