Causes of the Great Depression
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Stock Market Crash of 1929
On BlackTuesday, October 29, 1929, the stock market crash it was one of the significant makes that drove the Great Depression. Two months after the first crash in October, investors had lost more than $40 billion dollars. Despite the fact that stock markets started to recover some of its misfortunes, end of 1930, it simply was insufficient and America genuinely entered what is known as the Great Depression.
Worldwide Shocks Waves
All through the 1930s, more than 9,000 banks failed. Bank deposits were uninsured and in this manner, as banks failed individuals just lost their savings. Remaining banks were uncertain of there financial state, quit being as eager to make loans."By 1933, 11,000 out of the nation's 25,000 banks had failed"(Littell).
"The Great Depression hit other businesses, too. Between 1929 and 1932, the gross national product—the nation’s total output of goods and services—was cut nearly in half, from $104 billion to $59 billion. Approximately 90,000 businesses went bankrupt. Among these failed enterprises were once-prosperous automobile and railroad companies"(Littell).
Uneven Distribution of Income
"The United States was not the only country gripped by the Great Depression. Much of Europe, for example, had suffered throughout the 1920s. European countries trying to recover from the ravages of World War I faced high war debts. In addition, Germany had to pay war reparations payments to compensate the Allies for the damages Germany had caused. The Great Depression compounded these problems by limiting America’s ability to import European goods."(Littell).
Umemployment affected lives during the Great Depression.Many starve and wouldn't have a roof over their head rather living on the streets.It affected families and individuals throughout the nation.The graph shows how unemployment rose over the years.
"During the 1920s, the rich got richer, and the poor got poorer. Between 1920and 1929, the income of the wealthiest 1 percent of the population rose by 75 percent, compared with a 9 percent increase for Americans as a whole.More than 70 percent of the nation’s families earned less than $2,500 per year, then considered the minimum amount needed for a decent standard of living"(Littell).
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