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The Great Depression was the most damaging and longest economic downturn in the history of the world economy resulting, In lost all their money and production of products were stopped due to no payment to workers. People during the great depression lost most to even all of their money because of the stock market crash of 1929 marked the beginning of the worst economic crisis in American history. Millions of people lost their jobs. Thousands lost their houses. During the next many years, a large part of the richest country on earth learned what it meant to be poor. Another example of the stock market is Black Monday was followed by Black Tuesday (October 29), in which stock prices collapsed completely and 16,410,030 shares were traded on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the massive bulk of trading.
All countries that protect their own production by force taxes, raising existing ones, and setting limit foreign trades. The effect of these restrictive measures was to greatly reduce the amount of trade: by 1932 the total value of world trade had fallen by more than half as country after the country took measures on the importation of other goods. The falls of so many banks, combined with a general and nationwide loss of in the economy, led to much-lessened levels of spending and demand and hence of production, aggravating the downward spiral. Later the fall of the market during the 10 months of 1930, lots of banks faded – 10 times as many. In all, 9,000 banks failed during the decade of the 30s. It’s estimated that 4,000 banks failed during the one the year of 1933 alone.
Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers. By 1933 the Great Depression reached its reaching point, 15 million people were jobless and nearly half the country’s banks had faded. The wage time of the current depression is of exceptional interest not only because of the hardness of ‘the refuse in wages since 1929 but also because of the complex of the economic problems associated with the way of wages during these last 4 years. In a period such as this, which is characterized by a drastic and chronic decline in wholesale prices, the measurement of price disparities and of the behavior of various factors of the cost is fundamental to an understanding of prevailing economic conditions. The great depression was a long and terrible time the united states and to all the people that lived through it to answer the title, I would say, yes it was a bad time and without it, we as America would not know how to handle this scenario if it hadn’t have happened. Work cited”The Great Depression: Fear Took Hold as an Economy Came Apart.”
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