What Are The Causes Of The Great Depression
The Great Depression was the worst economic slump in the history of America. The roaring twenties struck after the victory of WWI. Industry began to boom with all new types of technology being created. The late 1920’s was when the Great Depression plunged into the American economy.
The stock market crash, also known as “Black Monday” was the greatest slump in stocks. Millions of people lost a large sum of money. Forty billion dollars had been stripped from the American economy. Millions of people had became unemployed shortly after the crash. The average American family had entered the poverty state of living during this time.
Unemployment had struck the labor force by 20 percent between 1929 and 1931. After the stock market crash many …show more content…
They had lost a lot of money from the loans that had been taken out by the American man. Once the money had been flooded out of the system they could not be repaid. This caused over 2200 banks to fail across the board. The American economy had created a large sum of debt that is owed to the government and the world. President Hoover had his last days of service, with the newly elected Roosevelt to take his place. Roosevelt had a plan to relieve some of the depression. This plan was deemed the “New Deal”. This was a plan to create instant relief to problems in the economy. The stage was recovery, that was created to get the economy close to its old state. The final stage was the reform, or the attempt to reach equilibrium with the economy’s old self or even surpass what it had been before.
There is one thing that seems to pull great nations out of economic slumps. That one thing is war! After a long ten years of what seemed to be hell for most Americans, World War II began to take place over in Europe, 1939. Many American men had been sent to the U.S army. More jobs had been created for war efforts. Money had reached it’s way back into the American economy. All was seemingly well after the start of World War
The stock market crash, also known as “Black Monday” was the greatest slump in stocks. Millions of people lost a large sum of money. Forty billion dollars had been stripped from the American economy. Millions of people had became unemployed shortly after the crash. The average American family had entered the poverty state of living during this time.
Unemployment had struck the labor force by 20 percent between 1929 and 1931. After the stock market crash many …show more content…
They had lost a lot of money from the loans that had been taken out by the American man. Once the money had been flooded out of the system they could not be repaid. This caused over 2200 banks to fail across the board. The American economy had created a large sum of debt that is owed to the government and the world. President Hoover had his last days of service, with the newly elected Roosevelt to take his place. Roosevelt had a plan to relieve some of the depression. This plan was deemed the “New Deal”. This was a plan to create instant relief to problems in the economy. The stage was recovery, that was created to get the economy close to its old state. The final stage was the reform, or the attempt to reach equilibrium with the economy’s old self or even surpass what it had been before.
There is one thing that seems to pull great nations out of economic slumps. That one thing is war! After a long ten years of what seemed to be hell for most Americans, World War II began to take place over in Europe, 1939. Many American men had been sent to the U.S army. More jobs had been created for war efforts. Money had reached it’s way back into the American economy. All was seemingly well after the start of World War