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Great Depression In The United States
Great Depression in the United States Individual Research March 23, 2004 The Great Depression was the worst and longest economic collapse in the history of the modern industrial world, lasting from the end of 1929 until the early 1940s. What was once the land of hope and hopefulness had become the land of depression. The American people were questioning all the sayings on which they had based their lives - democracy, capitalism, and individualism. The Great Depression saw rapid declines in the production and sale of goods and a sudden severe rise in unemployment. According to Robert S. McElvaine author of Great Depression in the United States “…at the worst point in the depression, more than 15 million Americans--one-quarter of the nation’s workforce--were unemployed (1).” Thirteen million people lost their jobs and could not find work. Banks and businesses failed, leaving the entire county in great need. The depression was caused by a number of serious weaknesses in the economy, income was unevenly distributed, Americans spent more money than they earned, farmers faced low prices and heavy debts, and the lingering effects of World War II. The depression ended in the united Sates only when massive spending for World War II began. Two things happened during the twenties that triggered the Great Depression one of these events was the crash of the Wall Street stock market in October of 1929. The stock market collapsed after steady declines in production, prices and incomes over three previous months which forced the speculators to revise their expectations. Anxiety soon gave place to panic which led to the crash. However, the depression affected the different industrialized countries in various ways and degrees of intensity. The collapse of the stock market produced a chain reaction throughout the American economy. Most of the buying power of the country was concentrated in the hands of a minority of rich people. Cons... Please login to view comments from other users.
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