Problems of the Great Depression

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In the years between 10 and 154 the United States grew into one of the most productive lands on Earth. During the 10’s the country turned away from world affairs and found excitement at home, but the excitement did not last very long. It suddenly ended in the early 10’s. A Great Depression crushed the economy and millions of people lost their job.


The Great Depression main start occurred on Tuesday, October , 1. Today it is known as Black Tuesday. During that time at least 0 million dollars were lost (Nishi 1). It was the worst day in history for the stock markets. ‘’By June 10, the price of securities on Wall Street was about 0 percent, on


Average, of what it had been prior to the crash; between 1 and 1 the Dow-Jones average of industrial stock prices fell from a high of 81 to a low of 41” (Depression 1). The Depression should have been expected due to the “flaws in banking practice” (Wecter ).


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The United States were not the only one affected by the Great Depression. The USSR, who did not trade with other nations, was the primary exception. Europe, although, was effected. It’s economy and agricultural sectors were greatly depressed (Thorkelson 44). It took Europe many years to fully regain all the economic levels it sustained before World War I (Thorkelson 44).


Unemployment spread rapidly, and commercial farmers produced more products than that which could have made a reasonable profit (Thorkelson 44). Agricultural prices dropped by 5 percent between 1 and 1 (Thorkelson 45). Many factories closed and left people without a way of providing for their family. During this time many people were forced to live in Shantytowns, called Hoovervilles. Feeling the pinch of the Depression, people found they could eat less, wear less, and spend less generally than they had thought possible in the boom years. “In that 4’year span unemployment rose from 1.5 million to about 15 million” (Thorkelson 44).


President Hoover had most of the blame put to him for the cause of the depression. Hoover tried to respond to the depression through asking top labor leaders and businessmen to Washington (Nishi 1). He earned a lot of negative criticism after his attempts to end the depression failed from many people (Nishi 16). After three years Herbert Hoover lost his position as president to Franklin Delano Roosevelt on March 4, 1, the nd president of the United States (Nishi 0).


Roosevelt’s program for the New Deal gave him overwhelming faith and support from America. He promised to bring the American people out of the Great Depression (Nishi 0). They virtually gave him dictatorial powers. People felt as if toward the end of the year that country was coming out of the harsh times.


The New Deal began as Congress passed an amazing number of programs during Roosevelt’s first hundred days in office, including the Emergency Banking Relief Act, the Agricultural Adjustment Act, the Tennessee Valley Act, and the National Industrial Recovery Act. Later legislation includes the Social Security Act and the Fair Labor Standards Act (Nishi 4-8). The New Deal used the poverty of the people as a “springboard” to socialism (Wecter 8).


He temporarily closed the banks declaring a ‘’bank holiday” to determine which are sound enough to handle depositors’ money (Wecter 65). The banking system was on the verge of complete failure (Nishi 0). President Roosevelt did not allow the exportation of gold or anything involved in foreign exchange. The banks were individually reopened (Wecter 65).


Once World War II broke out in 1 focus of the U.S. government was switched toward that of foreign affairs. Once the U.S. entered the war the number of unemployed citizens dropped as the armed forces and war industry expanded. Many problems still remained in that of poverty and insecurity. Welfare and social security expanded to help ease these problems (Thorkelson 46). Poverty continued after WWII, but the gap between high and low income groups grew further apart. Because of the war many factories were reopened and filled with activity to accommodate the orders of the war (Nishi 8).


The depression caused many hardships among the people of the world. It caused a time of struggle and pain. It took the dedication of many great leaders and the start of a world war to bring us out of those times. The Great Depression was the greatest downfall of the United States economy, which in my eyes could have been the cause of the end of the entire U.S. if the right steps wouldn’t have been taken.





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