|
|
Great Depression Mini-Report The Great Depression that plagued the United States and other countries in the 1930s was the worst and longest economic collapse in the history of the modern industrial world, lasting from the end of 1929 until the early 1940s. The Great Depression caused rapid declines in products sales and fleeting increase on unemployment. According to Microsoft Encarta 2001 Edition, at the depth of the depression, in 1933, one out of four American was out of a job. It’s a common misconception that the stock market crash was the cause of the Great Depression. In reality, the U.S. stock market crash that occurred on October 29th, 1929, with an estimated $15 billion loss in value, was no the fundamental cause of the Great Depression. Even though the crash sparked and certainly marked the beginning of the Great Depression, the economic slump was apparent by 1930; few people expect it to continue. After World War I, the Americans were in the Roaring Twenties. Modern industries had the capacity to produce vast quantities of consumer goods with less industrial workers.
|
