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Freedom from Fear - Essay Example

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The great depression marks a time in history where the market crashed in 1929, affecting the American people and the rest of the globe (Bernanke, 2004). The occurrence was due to the Wall Street crash in America. The causes of the depression remain controversial and uncertain,…
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FREEDOM FROM FEAR: THE GREAT DEPRESSION Admission Unit Freedom from fear The great depression marks a time in history where the market crashed in 1929, affecting the American people and the rest of the globe (Bernanke, 2004). The occurrence was due to the Wall Street crash in America. The causes of the depression remain controversial and uncertain, according to historians. They indicate that lowered production, high consumer debt, falling confidence, and poorly regulated financial institutions may have been the root causes (Bernanke, 2000).
The depression caused fear among the American people because of the dull economic future presented. The fear came as a result of a market crash that led to economic, political and social implications. Poverty, unemployment, deflation, minimal profits and poor personal and economic growth fueled the fear (Bernanke, 2004). The depression signified a time in history where the market dynamics failed to meet the expectations of the American people. The depression trickled down to other parts of the globe causing panic and fear. Furthermore, the depression led to critical, political changes in the United States. This can be explained by the landslide win of Franklin Delano Roosevelt in 1932 (Bernanke, 2000). Lastly, the depression caused increased emigration due to fear and panic experienced by the American people (Bernanke, 2004).
The fear caused by the depression hindered the progress of the American people to a considerable extent. This is because some left the United States because of the deem future they pictured (Bernanke, 2004). Additionally, the economic and social situation presented many challenges that hindered the progress of the American people. However, behind the devastation, the fear helped the American people to regain their confidence and hope for a better future (Bernanke, 2000).
References
Bernanke, B (2004): Money, Gold, and the Great Depression: Chicago: Ivan R. Dee, publisher.
Bernanke, Ben. (2000) Essays on the Great Depression: The Macroeconomics of the Great Depression: Princeton University Press Read More
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