Economic Impact Of The Great Depression Essay

2351 Words Nov 12th, 2016 10 Pages
Economic Downturn in 2007/08
Economic stability is a critical factor in a country because it is one of the key drivers towards development. Many countries strive to stabilize their economies through proper leadership and having peace in their countries. War is one of the things that may affect the economy of a country significantly and may even result to depressions that are of great extents. The great depression and the World War II are considered to represent tough times that the Americans have experienced over the years. Several economic downturns have been experienced in the world over time, but two of them have been seen to have significantly impacted both the world’s economy as well as the economy of the US (Nabli). The great depression is one of them alongside the great recession. To begin with, we will look at the great depression lightly so as to understand how it came about and then look at the great recession in depth.
The great depression was experienced during the 1930s, and this has been considered to be the most major economic depression in the world. It took almost ten years for the great depression to end, and it greatly affected both individual country’s economy and the worldwide economy. The US is regarded to be the origin of the great depression and a fall in the stock prices was the cause. The stock market went through a downfall and crashed on October 29, 1929. This day was referred to as the Black Tuesday. The depression greatly affected the worldwide…

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