The Great Depression
The Big Picture
The Great Depression was the longest and most severe economic decline in American history. On October 29, 1929, the stock market crashed and began the depression. Although industry leaders issued optimistic predictions for the nation's economy, the market crash wiped out nearly 40% of the paper values of stocks.
Great innovations in productive techniques during and after the war raised the output of industry beyond the purchasing capacity of U.S. farmers and working force. As a result of this, unemployment skyrocketed during the years of the Depression, reaching levels as high as one third of the population. Almost half of the commercial banks of the United States failed during the Depression. Crop prices fell by over fifty percent. People went hungry because so much food was produced that production became unprofitable. Others were unemployed because they had produced more than could be sold. Hundreds of thousands roamed the country in......
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Approximate Word Count: 755
Approximate Pages: 3 (260 words per double-spaced page) |