How Did The Great Depression Affect The Economy

The Great Depression was the longest and worst economic downturn in the history of the world’s economy. The depression began in the time of 1929 and lasted until 1939. It pronounced the beginning of the involvement from the government to the countries society and also the economy. This economic downturn affected Western industrialized economies but its effects spread across other nations. The Depression began in the United States, which experienced its worst effects. Even so, some argue that The Great Depression began about ten years earlier in Europe, but the United States thought that it was immune to such a downturn. The American government at that time did not formulate policies and measures to ensure that the country did not experience the same meltdown as Europe. The Great Depression was caused by a variety of economic factors. The Great Depression was caused by an overproduction of goods by businesses into an economy that already had severe problems with speculation in the stock market and inequalities in wealth.
The Depression was an immense tragedy that took millions of people from work. The day when this happened is called Black Tuesday, and it’s the day the stock market crashed. This was the official date the Great Depression had started. The stock market prices crashed to an extent that there was
The enlightened effect of the Great Depression was the highest rate of unemployment in American history. Such as banks, factories, and stores closing, leaving tons of Americans jobless without money. With no money, many Americans had relied on either the government or from charities donating to be obtain food. As the depression continued, Roosevelt’s administration created government agencies to aid in supplying food for the Americans, assuage the effects of the great depression, and preventing an event like this from occurring