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About this sample
About this sample
Words: 960 |
Pages: 2|
5 min read
Published: Mar 18, 2021
Words: 960|Pages: 2|5 min read
Published: Mar 18, 2021
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This essay will discuss the causes and effects of the Great Depression. The Great Depression was an extreme global financial downturn that occurred during the 1930s, starting in the United States and then spread across other countries. Although many countries, including the US, have faced significant economic downturns since, none could compare to The Great Depression.The sentence could be revised to "none has been comparable to the Great Depression."
So, what are the causes of the Great Depression? Blaming it solely on Black Tuesday would be unfair as such a major event cannot be defined by one particular mishap.The sentence is confusing. It could be rephrased as "It would be unfair to blame the Great Depression solely on Black Tuesday, as it was caused by a combination of factors."
The measure imposed significant tax rates on a broad variety of imports. Quite a few of America’s trading partners retaliated by imposing tariffs on U.S. goods leading to a fall in world trade by two-thirds between 1929 and 1934.The sentence could be revised to "Many of America’s trading partners retaliated by imposing tariffs on U.S. goods, which led to a two-thirds decline in world trade between 1929 and 1934."
Now moving on from the start of it in the US, the Great Depression played a strong role in Europe’s economic downfall around this same period; Germany was hit hard as American loans to help rebuild the German economy from the tragedies of World War I were now non-existent and unemployment increased, mostly towards the cities. Repayment of the war reparations due by Germany were suspended in 1932 following the Lausanne Conference of 1932. By that time, they had repaid 1/8 of the reparations. Falling prices and lackluster demand induced by this created an additional problem in the Central European banking system, where their financial system had a hand-in-hand relationship with business. In 1931, the Creditanstalt bank in Vienna collapsed resulting in a financial panic across Europe. The depression in France was relatively mild: unemployment was under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis. However, the depression had drastic effects on the local economy, and partly explains the February 6, 1934 riots and even more the formation of the Popular Front, led by SFIO socialist leader Léon Blum, which won the elections in 1936. Ultra-nationalist groups also saw increased popularity, although democracy prevailed into World War II.The sentence is unclear. It could be revised to "Although democracy prevailed into World War II, ultra-nationalist groups gained popularity during the Great Depression."
During this period of crisis the Keynesian’s idea was simple, to keep people fully employed, governments have to run deficits as the private sector would not invest enough to keep production at the normal level and to bring the economy out of recession. Monetarists such as Milton Friedman and Anna J. Schwartz believed the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action.The sentence could be revised to "According to monetarists like Milton Friedman and Anna J. Schwartz, if the Federal Reserve had taken aggressive action, the downward turn in the economy starting with the stock market crash would have been an ordinary recession."
The Great Depression not only had economic but social effects too. It led to major governmental reforms and new federal programs such as Social Security, federal support of conservation tillage and sustainable agriculture and federal deposit insurance. The social situation had gotten to the point where people had stopped placing any value on money and lived their lives accordingly based on things of value which could be something as simple as a radio, not worrying about troubles of tomorrow.The sentence seems incomplete and needs to be revised to provide a clear point.
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