The Great Depression was a time of total despair. Years of economic downturn not only affected the United States but may European countries as well. Americans endured lost of fortunes, homes, jobs and personal tragedies. Very few alive today remember what it was like, and to the rest of us, it is just a piece of history that we can only imagine. The Great Depression reeked havoc on the stock market, banking, industries, and agriculture that led to massive unemployment, breadlines and fear that lasted over a decade.
After the stock market collapse, the New York banks became frightened and called in their loans to Germany and Austria. However, without the American money, Germans had to stop paying reparations to France and Britain. This was a chain reaction and they could not repay their war loans to America, therefore, the depression had spread to Europe. The U.S. Government tried to protect domestic industries form foreign competition by imposing the Hanley-Smoot Tariff of......
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Approximate Word Count: 1523
Approximate Pages: 6 (260 words per double-spaced page) |