The Great Depression And Economic Depression - 1802 Words

The Great Depression was a worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is used as an example of how far the world s economy can decline. The depression originated in the United States, after a fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 . Between 1929 and 1932, worldwide GDP fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in countries both rich and poor. Personal income, tax revenue, profits and prices dropped, while trade plunged by more than 50%. Unemployment in the U.S. rose to 25% and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on industry. Construction was halted in many countries. Farming communities and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few sources of jobs, areas dependent on primary sector industries such asShow MoreRelatedThe Great Depression And Economic Depression Essay3400 Words   |  14 PagesSummary The Great Depression was an economic depreciation in Europe, North America and other industrialized areas globally that commenced in 1929 and endured until about 1939. The depression stirred severe effects in the U.S.A that left its economy on the brink of a downfall. The research investigates the causes and reasons that influenced the great recession in the United States of America. The causes comprise of the hazardous decline of the Stock Market in that occurred in 1929 which sent theRead MoreThe Great Depression And Economic Depression1803 Words   |  8 Pages â€Å"The Great Depression† The Great Depression may be known to the world as the toughest economic period of the industrialized world that brought severe consequences to a vast number of countries in the west. It began six months earlier in the United States in1929 after the stock markets in the New York Stock Exchange collapsed, and it dragged on until 1939; in fact, historians describe it as the worst economic depression of all time given its scope and impact. Specifically, the effects of the GreatRead MoreThe Economics Of The Great Depression1684 Words   |  7 PagesThe Economics of the Great Depression The Great Depression, often acknowledged with the Stock Market Crash of 1929, but something that is so much more than that, was a decade of economic turmoil. The Great Depression lasted from 1929-1939 consuming a long grueling decade, and as defined by The History Channel, it â€Å"was the deepest and longest lasting economic downturn in the history of the western industrialized world† kicked into fast forward by the Stock Market Crash in the fall of 1929. DuringRead MoreThe Economics Of The Great Depression1638 Words   |  7 Pages The Economics of the Great Depression Tyler Brooks 4/19/2015 The great Depression was the worst and longest economic decline experienced by the industrialized western world. Economic cycles are continuous loops of periods of business expansion followed by business contraction. This is the way economics has always been in the industrialized world and extended periods of contraction was something people had seen before. However, the Great Depression was somethingRead MoreEconomic Effects Of The Great Depression1142 Words   |  5 PagesEconomic Fallout On October 29, 1929, Black Tuesday, the United States of America’s stock market crashed causing the Great Depression. The Great Depression of the 1930’s greatly impacted millions of people’s lives around the world. The Depression caused millions of people to lose their homes, jobs and food for their families. The events causing, during, and after the Great Depression will forever be an important part of American History that will never be forgotten. The events that leading up toRead MoreEconomic Theory : The Great Depression1734 Words   |  7 Pagesmany opportunities to learn the lessons of economic theory but The Great Depression is a particularly relevant historical event when discussing economics. It is a defining event in the history of America as politics and economics intertwined, transforming the role of the federal government in the economy. Due to the length, severity and global effects an entire decade is known as the Great Depression. Theories continue to be debated on how or why the Depression took place and the reasons for its eventualRead MoreThe Economic Impacts Of The Great Depression1263 Words   |  6 PagesRodena Woods History 102 Exam 2- Essay Answers Big Essay Question The economic downturn is considered the great depression from 1929-1941 because of the uncontrolled exertion on unlimited goods produced. Other contributions were the risky and irresponsible speculations in the stock market. Banks had invested and lost, and they were buying on margin. There was also increasingly unequal distribution of wealth. Furthermore, the U.S had weak banking systems and banks eventually failed. Finally, thereRead MoreThe Great Depression : Economic Growth And Prosperity1438 Words   |  6 PagesAmerican history, the Great Depression ranks second as the longest and most severe crisis ever experienced only dislodged from the first position by the Civil War. The Great Depression marked a period of economic downturn that resulted in severe declines in output, acute deflation, financial insecurity and severe unemployment rates. This was a sharp contrast from the early 1920’s when the country was experiencing a period of tremendous economic growth and prosper ity. The Great Depression was brought aboutRead MoreThe Great Depression Caused The Economic Crisis784 Words   |  4 PagesDuring 1930s, the Great Depression caused the economic turmoil and had an impact on the unemployment, and the poverty among elderly. This created sense of insecurity over future among the citizen of the U.S. and government. There were several advocates, who passionately campaign for national pension plan such as Huey Long proposed Share our Health Plan, and Dr. Francis Townsend proposed the old age revolving plan. Although, Townsend proposal of providing $200/month to 60 years and older was a failureRead MoreThe Great Depression : The Worst Economic Slump1427 Words   |  6 PagesThe great Depression was the worst economic slump in US history, beginning in 1929 it lasted almost a decade. Leuchtenburg suggests â€Å"there was no single cause of the Great crash and ensuing depression†, however the most influential reasons for the Great depression was a c ulmination between the unequal distribution of income and the extensive speculation of the 1920s. Underlining these two dominant influences was the republican government practises of the 1920’s under Harding, Coolidge and Hoover