The Great Depression

In: Historical Events

Submitted By renee0220
Words 3648
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The Great Depression was the worst collapse in the history of American capitalism. Throughout the 1930s, neither the free market nor the federal government was able to get the country working again. The American people endured a full decade of almost unbelievable economic misery. While a much-feared revolution of either Communist or fascist persuasion, thankfully never materialized, Americans flirted with a number of radical alternatives to the status quo. Some of those radical alternatives faded into memory, while others were incorporated into the New Deal, where a few remain with us even today. The Great Depression plunged the American people into an economic crisis unlike any endured in this country before or since. The worst and longest downturn in our economic history threw millions of hardworking individuals into poverty, and for more than a decade neither the free market nor the federal government was able to restore prosperity. The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in 1930 and lasted until the late 1930s or middle 1940s. It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929, which is known as Black Tuesday. The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. Cities…...

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