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To begin with, it would be important to provide an account of causes of the historical period in question from the point of view of the conflict theory. Thus, the primary premise that should be engaged is the notion, according to which the working class is exploited by the capitalists which resulted in unequal wealth distribution (Brussee, 2009, 56). Indeed, there is no doing that prior to the Great Depression the factory workers of farmers could hardly make a living, while the capitalists in the cities were enjoying the money that the former produced.
Another important point which should be mentioned with regard to the causes of the Great Depression as seen through the prism of the conflict theory is the disastrous consequences of overproduction. Thus, the capitalist urged the workers to work more and more while the necessity to produce producing was condition not by the demand, but for the need to exploit the people. As a result, there was excessive amount of good which nobody bought (Robbins, 2011, 14). Such disproportion in the economic life resulted failing prices and the overall collapse.
Finally, the Marxist approach criticizes the free market, arguing that in this case there will be a lot of room for actions which are likely to contribute to destabilization of it. Indeed, prior to the Great Depression the stock market in particular witness a tremendous number of instances of speculation which resulted in the crash (Rothbard, 2010, 1917). What is more important is that speculation appears to be the slippery slope which brought the entire country into disaster from which the United States had to recover for roughly a decade. In other words, lack of strict policy that was implemented by the government greatly contributed to the collapse of the economy.
A suitable way to start sociological analysis of the historical period in
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It all started in 1929 and the world trade shrank by more than 50 percent. The great depression is known as the worst economic decline in modern economics history. Employment decreased greatly all over the world and poverty reached new levels.
The positive state of the American economy can be identified by the following statement of President Herbert Hover: “In America today, we are nearer a final triumph over poverty than is any other land” (p. 114). During this time period, various economists stated that the stock market was overpriced and the rates of company stocks were more than their actual value.
It is a time in history when the world`s economy depreciated to the lowest grid ever in the late 1920s (Burg, 2005:15). During this phase it recorded the highest unemployment levels, the production process in the world almost came to a halt, and a sharp decrease in the stock market prices.
The measure of trend of these periodic fluctuations is measured in terms of the levels of employment and production. When the measure indicates a down trend, then it is referred to as recession. This downward trend causes a decline in the spending of households.
Although it had its origin in the United States of America, it spread to the other parts of the globe. It began in the month of September 1929 in the US, after a devastating fall in the stock market prices. In the first six months of 1930, government and businesses spent more than they had in the previous six months.
During the decade long economic depression, many people lost their businesses, jobs, homes, savings and, in many cases, hope. The positive and negative effects of government programs and policies put in place during this period in order to try to solve the economic meltdown
The lingering ravages of Great Depression are still visible in terms of the economic crises it created to successive generation of families. According to economists, this damaging phenomenon was directly
Women became full of life and started drinking, wearing short skirts and worse of all, smoking same to men (Freedman 61). Many average American bought automobiles accosted by household appliances on credit. In as much as many businesses grew by 65% from
Although some countries like Germany were experiencing the economic depression by 1928, the economic slump that hit U.S economy in October 1929 marked the beginning of the great depression (Smiley 1). The