The Great Depression in the United States lasted from 1929-1940. It was the worst and longest economic collapse in the history of the modern industrial world. This paper will address the main causes, Federal government response, policies enacted, and the impact the Great Depression had on American society.
A common misconception is that the stock market crash of October 1929 was the cause of the depression. In fact, it was a result of multiple issues in the economy.
The modernization of industry had created the capacity to produce vast quantities of goods, but the prosperity could only continue if demand grew as rapidly as supply did. People were persuaded to abandon values such as saving, postponing the purchase of goods until they could be afforded with cash, and buying only what was needed. This resulting mass consumption kept the economy going through most of the 1920's.
There was a heavy concentration of wealth in the automobile and radio industry; however, these......
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Approximate Word Count: 2511
Approximate Pages: 10 (260 words per double-spaced page) |