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Role of the Government in the Prevention of Recession - Essay Example

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The Wall Street is given the name following the construction of a very long wall that ran for eight blocks, which is approximately 1.1km long. This wall ran from Broadway all the way to South Street in the lower parts of Manhattan…
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Role of the Government in the Prevention of Recession
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Download file to see previous pages This wall was constructed in the 1640s by the Dutch. History has it that the West Indians from the West Indian Company bought the Manhattan land from their predecessors by paying them with goods worth $25. This took the Indians that lived in Manhattan then by surprise because to them land could not be privately owned. When they realized that the Dutch West Indian company had taken their land, they began to demand their land back. For this reason, the Dutch Indians constructed the wall to keep the Lenape Indians out. Lenape is the name used for the people that lived in Manhattan. The Dutch Indians made use of the African slaves, and the white colonists to construct the wall to a height of 12 foot by 1.1 km length, all along the length of the original fortifications (Gigante?s, 99). The Wall Street developed into a business location around the year 1685 when traders used to gather in distinct locations to purchase and sell bonds and shares. Over time, the trade developed, and there was the specialization of these merchants into dealers and auctioneers. The Wall Street also became a place where people hired slaves. Due to these continued trading activities on this street, the New York City Common Council declared Wall Street to be a slave market, where people could buy slaves or hire them. In the year 1792, the formation of the Buttonwood Agreement led to the formation of the New York Stock Exchange. Over the centuries, the Wall Street developed its own institutions and individual personality with very little interference from other societies, or none at all. Within these years, there has also been many changes on the wall street. At first, there was the development of the agricultural trade, and then came the industrial, and finally there was the financial development, in the 19th century. In 1888, the stock exchange started to be tracked. In the early years of the20th century, there was the construction of business buildings, which were skyscrapers. The 20th century also saw the introduction of taxes on stocks transfers, though this was protested by stock clerks. The Wall Street is currently the centre of the largest stock exchange market in the world. In the 19th century, there was the development of a class of businessmen that were very wealthy. This extremely wealthy class used brutal and dishonorable ways to maintain their dominance in the major industries. This was referred to as the as the robber barons. For instance, they exploited the workers of industries such as the railroads, petroleum mad steel among others. These industries became monopolies due to exploitation by these robber barons (Gigante?s, 89). This period of domination by the robber barons lasted for a while, but people rebelled against their dominance; thus they were brought under control. For instance Cornelius Vanderbilt, subjugated the whole of the transport industry of the united states. He amassed a lot of wealth from his domination of the fleet of steamboats; the also owned and dominated the railroads. Cornelius Vanderbilt was said to be the richest man in the united states in the year 1877. Robber barons were also used to refer to the German lords who charged tolls on the roads that crossed their lands. Some also charged huge toll on the ships. The year 1929 brought about a turn in the economic history of the United States. During this time, the New York Stock Exchange experienced a financial crisis that had ever been experience. There were huge losses that were made during this time. This was also known as the “Black Tuesday”. It started in October 1929 and extended for a long time. This crash in the New York Stock Exchange lasted for ten years. This would lead to negative effects on the industrialization of most of ...Download file to see next pagesRead More
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