Comparison Between The Great Depression And The Great Recession

The Great Depression and the Great Recession are two periods of economic contraction both economic and social. A country 's economy is measured with a method called the, business cycle. The Business cycle is a series of cycles in the economy either by expansion or contraction. The Great Depression was actually caused by the economy sky booming, while the Great Recession was caused by rampant unemployment and the burst of the housing bubble. Although the Great Depression and the Great recession are both contractions in the business cycle, they differ in their causes and effects. Life before the Great Depression the Roaring Twenties was the time after World War I filled with joy. A good example is in the story he Great Gatsby, people bought cars, partied all day, and contribute to life like heaven. Not only was the society happy, but businesses were also booming and industries were gaining significant amount of money. At this point the business cycle hit its peak. Once the economy had hit its peak the only way to go from there is down. Loans …show more content…
Another major factor of the Great Depression was farming. As farmers were getting paid less, they thought the only way to support themselves and their families would be to produce more goods to sell in order to make more profit. Unfortunately that didn’t work out so well for them. Resulting into angry protests that had no end turning into mobs threatening to withdraw dairy products from farms reaching into cities this strike was known as The Farm Strike.” Also causing a major effect on city people. Whereas farmers had the stability to sustain themselves with the crops they produce on their farm’s like milk, bread, corn, etc also burning corn instead of coal in a way to save money. Even some farm wife 's made clothing out of the cloth from flour and feed sacks. However these farm families still needed money to pay their tax and debt off to the