Friday, May 8, 2020
Economic Effects Of The Great Depression - 1142 Words
Economic Fallout On October 29, 1929, Black Tuesday, the United States of Americaââ¬â¢s stock market crashed causing the Great Depression. The Great Depression of the 1930ââ¬â¢s greatly impacted millions of peopleââ¬â¢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 to and caused the Depression date all the way back to World War I. After a small economic downfall after the First World War, the economy began to boom in 1924 . The United Statesââ¬â¢ economy boomed until 1929 and was at an all-time high in 1928 due to the lowering of taxes . One of the many reasons that caused the Great Depression was an overproduction of goods. During World War, the consumption of goods was unbelievably high. When the war ended the United States did not slow down on production and eventually had too much product for the demand. With the numbers of products being sold, no one needed to buy anything because they had already stocked up on everything needed. A Second reason for the Great Depression was the lack of foreign trade around the world. In 1930, President Herbert Hoover passed the Smoot- Hawley Tariff Act . The Act increased Tariffs to such a high rate, that no countries would trade with the United States . ââ¬Å"Internati onal trade has fallen by two-thirds sinceShow MoreRelatedThe Effects Of Global Economic Crisis On The Great Depression Of The 1930 S876 Words à |à 4 PagesWhile the causes of the global economic crisis are still widely debated, a vast majority of economists agree that it was the worst global recession since the Great Depression of the 1930ââ¬â¢s. 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The Global Crisis on the other hand, was aRead MoreThe Cause and Effects of the Great Depression Essay1443 Words à |à 6 Pages1929 was the main cause of The Great Depression. In fact, The Great Depression was caused by a series of factors, and the effects of the depression were felt for many years after the stock market crash of 1929. By looking at the stock market crash of 1929, bank failures, reduction of purchasing, American economic policy with Europe, and drought conditions, it becomes apparent that The Great Depression was caused by more than just the stock market crash. 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ThroughRead MoreHow Did the Depression Affect France?945 Words à |à 4 Pagesworst economic disaster that had ever been witnessed. The effect that the Great Depression had on capitalist countries such as Germany and the United States, was that their stocks and shares heavy economy plunged, leaving businesses unable to trade, and poverty throughout the nation. In the case of France, the depression initially did not suddenly bring the economy down drastically as it had to the more industrialised nations. Although relatively unscathed at first, by 1931 the ripple effect had hitRead MoreThe Effect of the Great Depression Worldwide765 Words à |à 3 Pagesworldââ¬â¢s greatest economic disaster and left millions of citizens unemployed for years? The Great Depression was a major economic disaster which left the people of the world shocked. Many countries were already left in a bad position due to the effect of World War I. Countries that bought and sold on the international market were affected. The United Kingdom, France, and Germany were just a few of the affected countries that had a difficult time getting their country back to g reat economic shape. TheRead MoreThe Great Depression Of 19291473 Words à |à 6 Pagesfirst economic collapse of its magnitude, the Great Depression of 1929, produced devastating effects with lasting longevity. Though born in America, it maintained its origin and spread rapidly throughout the industrial world. The election of President Franklin D. Roosevelt brought upon changes that improved Americaââ¬â¢s overall economic situation. A new leaderââ¬â¢s viewpoint along with The New Deal and its reform programs, and a second World War improved the conditions brought about by the economic crisisRead MoreThe World s Economy Was Devastated1732 Words à |à 7 Pages Assignment 4 GEOG200 Bradley Bache 3129292 Submitted September 10, 2015 In 1929, the western worldââ¬â¢s economy was devastated. With the crash of the United States Wall Street, the realm drove into what is now known as the ââ¬Å"Great Recessionâ⬠. Its neighbour to the north, Canada also felt these affects as unemployment and poverty grew. After a decade of despair, the massive rise in government spending for the Second World War and the reductions in taxes, the economies returned to prosper
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