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The Great Depression

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The Great Depression - Page Text Content

FC: The Great Depression

1: The Great Depression started in1929. It lasted a long 12 years, ending in 1941.

2: No one thing led to the Great Depression. One cause was the stock market crash of 1929. After the stock market crashed stockholders lost more than 40 billion dollars. The small increases in the stock market were not enough to balance out the effects. Bank failure was another cause. Banks began to fail because people were unable to pay back loans. Also people began to quickly withdraw their money from banks this made banks close because the banks had limited funds they were not insured at the time. With fears of a worsening economy people stopped buying goods. This caused unemployment and a weakening economy. Another cause of the Great Depression was a tariff, the Smoot-Hawley Tariff, which was meant to protect American companies by charging a high tax for imports. However, it led to a decrease in trade with foreign countries.

3: Life during the Great Depression was extremely hard. Since no one spent money, unemployment rates began to rise, because there was no need for the rapid production of products. These things put the economy in an unhealthy state and made people poverty stricken. Many lost their homes and went hungry.

4: During the Great Depression business were affected, therefore affecting the workers, the investors of companies and thusly the economy. Everyone felt the impact of the Great Depression. One's social status, level of wealth, race, age and sex did not prevent them from being affected by the depression.

5: The Great Depression ended around the same time World War II began. The start of WWII gave many Americans jobs because there was an increased need for supplies. Although, the economy started to improve approximately two and half priors to the war. President Roosevelt helped to end the depression by increasing the confidence in banks with the FDIC and creating jobs for people like the Civilian Conservation Corps.

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  • By: Ace M.
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  • Title: The Great Depression
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  • Published: over 9 years ago