Essay On The Great Depression

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1929 is a year that most of our grandparents or great-grandparents remember, as it was a year when one of the most significant events occurred in the history of the United States and affected other nations globally. Preceding this great event in our history was a time where businesses were laissez – faire, markets were independent of government interference, monopolies were free and taxes were severed.

Inequality of income and wealth increased, government tariffs and regulations pierced through America's foreign market and hardly any modification by the Federal Reserve was made toward the money supply.

Another mistake was the preservation of the gold value of the dollar by the feds by an increase of interest rates.

This is discussed in detail below (Amadeo, 2010, p. Prior to 1929, the Franc and other currencies ware undervalued after adopting floating rates for some time.

At the end of the second decade of the twentieth century, countries were hi t by a staggering depression in their economies.

Essay On The Great Depression

The severity of this depression was particularly pronounced in the United States.Inevitably, these measures would lead the causes of the Great Depression.Although the causes are greatly debated, certain causes are most notable.In 1929, October, there was a serious fall of the values of common stock which caused crash of the stock market.In this situation, politicians tried to remain calm and exercise optimism but this was to no avail.At the end of WWI, countries with devalued currency wanted to return to the gold standard.On the other hand, courtesy of holding on to a fixed gold value for the dollar, a large number of gold deposits had been made to the United States by investors from a number of countries. Other countries initiated policies aimed at lowering economic activity through deflation and reducing price levels. This cause of the Great Depression explains why the United States was among the countries that were affected the most by the depression (Smiley, 2008, p. The most profound and lasting effect of the Great Depression is the way it changed the involvement of the federal government in economic matters. Wiley Online Library requires cookies for authentication and use of other site features; therefore, cookies must be enabled to browse the site.Detailed information on how Wiley uses cookies can be found in our Privacy Policy.Factories had been shut down due to the harsh economic climate, banks had failed in their operations and businesses had been closed.As 1933 approached, stock exchange in New York was barely a fifth of its 1929 peak.

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