The Great Depression 1929 | Report

The Great Depression
1929
12/15/2019

The Great Depression 1929
Introduction
The Great Depression was a real time critical situation faced by the most developed nation
the United States in 1929 and this remain in the nation for a very long period till 1940
approximately. This depression was given title of the longest and biggest serious depression,
because it affected entire world directly or indirectly but did in negative manner. This paper
will discuss major causes and effects of that great depression;
Causes of the great depression
Identification of any particular reason of great depression is very difficult and irrelevant
because only a single fault could not be able for international level depression, many factors
found responsible for economic downfall in the United States, like Stock Market Crash in
1929, increased income inequality, introduction of Smoot-Hawley Act and many more
reasons were majorly involved in this depression.
Effects of the great depression
For many years, as one economic malaise after another transpired the nation, American
people were gone in terrible situations, through poor employments and incomes. A lot of no
longer were having reserves (Benmelech, Frydman, & Papanikolaou, 2019). Simultaneously
in the Southern Plains a severe drought struck caused the scandalous Dust Bowl affecting the
many U.S. farmers, upset by the prices and trade failure, even loss of the farming land caused
serious issues of including some of the other main special effects that occurred in the rouse of
the Great Depression year were; increased unemployment and decreased wages, failure and
decline of banks increase in health care issues and many challenges caused longer depression
in the Americans (Gellman & Rung, 2018).

The Great Depression 1929
Solution
The great depression was initially targeted to be solved by the New Deal concept in 1933
focused to develop and strengthen the economy and this opened the channel of many theories
in the country to get rid of the great depression.

The Great Depression 1929
References
Benmelech, E., Frydman, C., & Papanikolaou, D. (2019). Financial frictions and employment
during the great depression. Journal of Financial Economics.
Gellman, E., & Rung, M. (2018). The Great Depression. Oxford Research Encyclopedia of
American History.