The bull market was when prices were rising due to automobiles; steel was selling at a record high but was going down very fast. If the bull market ended when they weren’t prepared for it, then it would of left many of those investors in debt. Because other investors, which were just mostly your day-to-day average person, saw the wealthy investors selling, they decided to do the same which caused a big fall in the stocks. No matter how hard President Herbert Hoover tried to say the economy was fine, everybody continued to sell. Then finally on October 29,1929th the stock market crashed, because no one was buying and this directly led to the Great Depression.
However, back then numerous people didn’t comprehend just how much of an impact farmers had on their everyday lives. If you took farms away from the United States during this period of time, everything would have entirely crashed. Farmer’s had complications with making a living because the rates of being a farmer were so high, as it is stated in document B. The farmers were also being abused by the railroad companies and banks. Like it says in document F “Nothing has done more to injure the (western) region than these freight rates.” Out west the railroad companies took advantage of the people and often they would charge more than four times the Eastern rates.
This also meant that the land was not used to it full potential, all these factors lead to the famines and causing peasants to up rise using violence against government officials. This was on the verge of the revolution. The deep resentment from the peasantry towards the Tsar increased after the war as lots of money had being invested in the war and Russia had lost. Moreover, Sergei Witte had tried to improve the economy of Russia but it was to make sure that the Russian social order stayed the same. Due to industrialisation, factories were built which lead to rapid growth of population in the towns and cities for example from 98 million in 1885 to 125 million in 1905.
Conscription soaked up rural unemployment and some peasants grew prosperous. Fiat received cheap loans to re-equip factories and military contracts because of the strength of demand for army vehicles. Fiat also grew fivefold. The industrial north benefited most from the war, describing it as a ‘total war’ and in the south the gap with the poverty stricken grew wider. By the time it came to 1918 food shortages had caused riots and discontent and the government was finding it difficult to keep the army supplied.
However, with there being such regional differences between the north and south in Britain, the social and economic impact of the Great Depression on Britain as a whole was extremely uneven. For many towns, particularly those in the north, the effect of the depression could not have been any worse as there was mass unemployment, extreme poverty and as an effect of this, long-term hopelessness. However, elsewhere, the 1930s became a time of affluence. During the 1920s and 30s there was a large social and cultural change. The 20s became known as the ‘jazz age’, the roaring 20s and the gay decade because of the relief throughout the country and its peoples after the horror of World War I.
*The decade after World War I was a period of great prosperity for most of America (although for farmers it was a period of bad fortune, as food prices fell shortly after World War I ended), and Americans were able to enjoy that prosperity with more free time than ever before. *Rising wages, shorter working hours and a shorter work week (the average work week fell from 70 hours in 1850 to 55 hours in 1910 to 45 in 1930), gave people the time and money to enjoy themselves. Furthermore, after the destruction of the Great War and the Spanish Flu, Americans wanted to cut loose, and the 1920s were known as the Roaring Twenties. *Americans had new ways to enjoy themselves. Movies were new, and much cheaper (only a few cents) than going to a play or concert.
Due to the new economic policies made after the revolution in 1905, Russia’s economic developments went through a drastic change. There was an increase in the foreign trade, which was used to fuel their industrial production, and growth while their infrastructure expanded. Several successes were brought to the Russian empire with these changes. Russia’s industrial production doubled and they became the 4th largest producer of oil and steel. Despite the positive changes that occurred, the quality and maintenance of the new infrastructures were very poor, furthermore most weren’t even completed.
[3] A combination of high earnings in agriculture and some shortage of imported goods meant high prosperity for the trader. [4] In economic terms, the last years of the Union with Great Britain, were considered to have been the best years. [5] However this economic prosperity was undercut by high inflation on both sides of the Atlantic. Prices rose by 77 percent in 1919 and by 105 percent in 1920 in the United States. [6] In 1920 the post-war economic boom collapsed in both countries.
Jodi Atwal Leech Eng 1A Essay 1 28 September 2011 Poverty: Shaping a nation of it’s own. Poverty has been around forever in every corner of the world; it is just that many of us here in America might have not noticed it as much until the last decade or so. Sure enough poverty is growing, and it isn’t taking its sweet little time at all. Is there a safe explanation for this that cannot be proven false? Many may argue that the falling economy and the wealthy not wanting to share their shares is to blame for the raising rates of poverty here in the states.
Middle classes were hit harder than the upper classes because wealthy people were protected since their wealth was inflation proof, for instance jewelery, art and real estate. Middle classed people who didn't have much of these possessions, had money in the bank and were affected severely. In 1929 the stock market crash on Wall Street caused a worldwide economic depression. Germany was dramatically affected and six million workers were unemployed. Germany was in major debt and this created depleted economic conditions for business and industries.