A tragedy is an event that causes great suffering and distress, and many relate it to an event where a large percentage of a population meet their demise. However, the Great Depression is classified as a major tragedy even without large scale deaths. Not many people died in the Great Depression, but millions lost all of their assets when the market crashed. They had no way of being able to make back what they lost without going to the very system that made them lose their money in the first place, the investing market. Investors themselves were only average at best in being able to make money. The Great Depression was a terrible tragedy as many people around the world lost their money and jobs to the collapse; however, this benefitted society
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New concepts, ideas and inventions were being developed in the time between 1920 and 1929, which were otherwise known as the “Roaring Twenties.” One example would be “credit, or installment buying,” which changed how purchasing products worked. Before credit was created, one would have to pay the entire amount of the product on the spot to own it. If the money was not readily available, that product could not be purchased. With credit, one could pay monthly or yearly amounts and still own the product, even during the duration of time that the payments are made. People would now also be able to borrow money to purchase things, as long as they paid the money back. While looking as if this was not a bad concept, it caused many people to assume that the loaned money was “free”, resulting in thousands not paying back the loans. These people then went into debt, which made it difficult for them to regain their reputation as they were no longer trusted with loans, for fear of not paying the loans back. Product and process innovation contributed to the Great Depression. These were new ways to build products. Each specific field focused on something different as, “Product innovation involves the development of a new or improved product. Process innovation involves the development of lower-cost ways of producing an existing product.” Both of these two new types of innovations improved the way that a company could produce a …show more content…
Many believe that “The Depression did not truly end until the government launched massive defense spending in preparation for World War 2 (1939-1945).” Even after World War Two, the Dow Jones Industrial Average did not rise above the pre-depression peak until 1954. While the death toll of the Great Depression was low, the Great Depression was still the biggest economic crash ever to hit the world. People that were able to live easily on their wealth were forced to find new methods to survive. The Great Depression was still able to benefit society by creating cheap technology that people could use effectively and showed the government that “the only thing that we have to fear, is fear
New concepts, ideas and inventions were being developed in the time between 1920 and 1929, which were otherwise known as the “Roaring Twenties.” One example would be “credit, or installment buying,” which changed how purchasing products worked. Before credit was created, one would have to pay the entire amount of the product on the spot to own it. If the money was not readily available, that product could not be purchased. With credit, one could pay monthly or yearly amounts and still own the product, even during the duration of time that the payments are made. People would now also be able to borrow money to purchase things, as long as they paid the money back. While looking as if this was not a bad concept, it caused many people to assume that the loaned money was “free”, resulting in thousands not paying back the loans. These people then went into debt, which made it difficult for them to regain their reputation as they were no longer trusted with loans, for fear of not paying the loans back. Product and process innovation contributed to the Great Depression. These were new ways to build products. Each specific field focused on something different as, “Product innovation involves the development of a new or improved product. Process innovation involves the development of lower-cost ways of producing an existing product.” Both of these two new types of innovations improved the way that a company could produce a …show more content…
Many believe that “The Depression did not truly end until the government launched massive defense spending in preparation for World War 2 (1939-1945).” Even after World War Two, the Dow Jones Industrial Average did not rise above the pre-depression peak until 1954. While the death toll of the Great Depression was low, the Great Depression was still the biggest economic crash ever to hit the world. People that were able to live easily on their wealth were forced to find new methods to survive. The Great Depression was still able to benefit society by creating cheap technology that people could use effectively and showed the government that “the only thing that we have to fear, is fear