The Great Depression Research Paper

The Great Depression, which lasted from 1909 to 1915, is considered to be one of the worst economic crises in the history of the United States and the world. It was characterized by a collapse of the economy, a stock market crash, a high unemployment rate, and the loss of jobs for millions of people throughout the country. The stock market crash had a far-reaching impact on all economic sectors, resulting in money devaluation, price increases, bank collapses, and business failures. The government's actions and decisions in managing the economy had disastrous consequences, leading to the swift destruction of the economy in a short period. The onset of the Great Depression was attributed to the enlargement of government involvement in the economy …show more content…
Japan and Latin America suffered less.Large enterprises, small companies, farmers, and families around the countries suffered from the crisis, which caused banking panic and a decline in consumer demand. The unsuitable policies of the government contributed to the decline in the output of the United States. Furthermore, the gold standard, which established fixed currency exchange rates for almost all nations, facilitated the spread of the downturn from the United States to other nations, causing global crises.Interestingly, the abandonment of the Gold Standard and the subsequent monetary expansion made the recovery possible.The impact of the Great Depression was immense. It included significant changes in economic policy and severe suffering for the people.The 1929 stock market crash was not solely responsible for the Great Depression. It acted as a catalyst for the global economic crisis, triggering irreversible processes and accelerating its onset. In 1933, nearly half of the American banks had failed, and the unemployment rate was high - 15 million people were without jobs.The onset of the Great Depression was officially marked by the failure of the stock