The economy plummeted and everyone felt the effects of it .The severe downfall of the American economy in the 1930’s known as the Great Depression was the result of speculation and installment buying, income maldistribution, and overproduction throughout America. After the roaring 20’s, speculation and installment buying drastically increased
There was a combination of domestic and worldwide conditions that led to the Great Depression. Many have believed that the crash of the stock market on October 29th, is one and the same with the Great Depression. In fact, it was one of the major causes that led to the Great Depression. Two months after the original crash in October, stockholders had lost more than $40 billion dollars. Even though the stock market began to recover some of its losses, by the end of 1930, it just was not enough and America truly entered what is called the Great Depression.
When the stock market crashed, it immediately affected the economy in the matter of a few hours. At this time President Herbert Hoover was in office, and he was overwhelmed with the tragic situation. During his Presidency, he did his best to fix the economy. However, things did not begin to get better until Franklin D. Roosevelt took office in 1932. Roosevelt immediately began reconstruction on the American economy.
There were many problems African Americans were facing before the New Deal became an instrument in the saving of the United States economy. Because of the Depression, African Americans workers were pushed out of jobs, favoring White workers. Because Blacks were last hired and first fired, it made it easier for them to lose their jobs at faster rates. The near subjugation of the tenant farming system destroyed many work opportunities for blacks to have any work because many black agricultural workers did not have other job skills, they were highly unlikely to get employment elsewhere. Many black farmers could not obtain contracts for their crops.
For example, spending was lessened and investment was dropped. Businesses went through a downward spiral, and unemployment skyrocketed. When The Great Depression reached its climax more than 14 million Americans were unemployed, and many banks closed. The Great Depression brought about emotional anguish and physical suffering to many Americans. Yet, the United States Government was able to be an aid
As unemployment reached an all time high in 1933, this decade, was squished between the roaring twenties and World War II, and was left little to be highlighted other than the dismal consequences of the Great Depression. An all-time low in American confidence, the years between 1929 and 1940 tested the strength, courage, humility, and perseverance of those forced to suffer a quickly dropping economy. No longer did hard work transform into success or even hope. Middle class working families now joined the ranks of the poorer classes and farmers hit by the Dust Bowl in the 1920's. The enormous unemployment disrupted family structure as it forced the male provider shamefully into bread lines.
Many stopped looking for work, paralyzed by their bleak chances and lack of self-respect. Some became so frustrated that they just walked out on their families completely. A 1940 survey revealed that 1.5 million married women had been abandoned by their husbands. On the other hand, women found their status enhanced by their new roles. Left with little choice, they went against the historic opposition to married women working outside the
The new German Republic faced a large number of political, economic and physical problems at the end of World War I. Having lost World War I they had taken a huge beating, taking huge numbers of casualties and their leader, Kaiser Wilhelm, being forced to abdicate. However I believe that the most serious problem they were facing was bankruptcy due to their ruined economy. Before the war, Germany had been very industrial and powerful, having the third most powerful economy in the world, behind Britain and USA. However after the war their economy had been ruined and there was very little money in he system, leaving them almost as a third world country.
It was still the era of traditional social family structure, where the man was expected to be the sole bread winner. The inability of those unemployed men to provide for their families made them felt humiliated and caused the greatest distress in the depression years. In the middle of 1933, 12 per cent of men with families earned nothing at all, while another 17 per cent earned less than £2 a week, which was well below the basic wage. Thousands of Australian families faced the daily struggle of having little or no money coming into the household. Many unemployed men moved from the big cities to the countryside living in shanty towns in search for agricultural work.