History 1306
11/29/10
The Great Depression can be defined as an economic slump in North America and some other industrialized areas of the world. The Great Depression began in 1929, as a result of the drastic stock market crash on October 29 of that same year. It lasted until about 1939 and was said to be the semipermanent and nearly severe economic depression ever experient by the industrialized Western world. It has been used as an lesson of how far the worlds economy can decline. It was an immense tragedy that place many Americans out of work, and was the begging of g overnment involvement in the economy and society as a whole.
There are many factors that resulted in the great depression. Many multitude assume that the stock market crash of October 1929 is the same as the Great Depression, however it is only one of the major causes that take to the Great Depression. Around December of 1929 it was reported that stockholders had lost over $40 billion.
The market regained some of its losses by the completion of 1930, but the amount was not sufficient enough to save the economic downfall(Kelly).
After the first World warfare from 1914-1918, many countries struggled to pay their war debts and reparations as Europe began to remodel from the destruction and devastation caused by the war, thereby causing economic strangulation in many European countries. Due to their inabilities to pay back the war debts this caused severe economic crisis.
The immense cost of World War One caused many European Countries to abandon the gold standard. This resulted in inflation. Following the war most of these countries returned to the gold standard to try and counter the inflation, unfortunately, this resulted in deflation which displace prices but increased the real value of debt.
After World...
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