The Collapse Of The Great Depression Essay

1247 Words Mar 5th, 2016 5 Pages
The picture of Fred Bell known as ‘Champagne Fred’, a one-time millionaire, selling apples at his stand on a busy street corner in San Francisco in March 1931 during the Great Depression, became a symbol of the stock market crash in 1929. (McLeod, 1969) Although the collapse of the stock market on October 24, 1929, known as the ‘Black Thursday’, signed in everyone’s mind the beginning of the Great Depression, actually it only precipitated it. A combination of conditions led the United States to the worst economic crisis in its history. During this traumatic period of despair, the Presidents Herbert Hoover and Franklin D. Roosevelt would answer this crisis with very antagonist approaches to bring the United States out of this economic catastrophe.
To this day, historians and economists are still debating to define the main causes which plunged the United States in the Great Depression. However, according to David M. Kennedy, it seems almost sure that the most important roots of this crisis came from the consequences of the World War I which afflicted the economies of the advanced industrialized countries of Great Britain, France, and Germany. (n.d.). After the war, European economy was devastated. The countries were facing burdensome war-debt payments, and the international trading was greatly reduced as almost “all nations sought to protect their domestic production by imposing tariffs, raising existing ones, and setting quotas on foreign imports.” (“About the Great…

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