The first victims of this devastating economic phenomenon were banks. Over nine thousand banks were closed. Millions of Americans lost their savings and were denied loans by the few banks that remained afloat. The vast majority of Americans were simply unable to afford many things. The unemployment rate was growing extremely fast, and some poor individuals were left literally penniless and homeless.
The horror of the situation was doubled by the simple fact that this could happen to anyone. Instead of looking for help from other countries, the U. Unfortunately, the idea backfired and only served to increase the tensions between Europe and America. The drop in international trade, as well as retaliation measures implemented by European countries, worsened the Great Depression and made solving this problem much more difficult.
It was difficult to survive. Losing a job was leading to the inability to buy food and provide other basic needs, unemployed people could not live like this for a long time.
The Great Depression had its start during the Herbert Hoover, American people blamed their President for everything that happened. For example, they called the land which suffered from the most severe influence Hooverville. What is the connection between the Great Depression and the Gold Standard? Was the Gold Standard the cause of the Great Depression?
There are lots of the research on this question and several points of view. On the one hand, the Gold Standard can be considered as a cause of Great Depression. It is often blamed as one of the accelerators of crisis prolongation. The reason is the next: in the period of the Gold Standard, the central banks were not able to expand credits in order to influence the deflation.
Blaming the Gold Standard eventually ignores the role of significant monetary manipulations made by the Federal Reserve System together with governmental institutions. Those policies would be impossible if the country had not abandoned basic important elements of the standard.
The USA had to cope with costs coming up due to unemployment and social compensation. The rate of a government involvement in the economy increased substantially. The government focused on financial markets, rich, popular fields of industry.
Several institutions were established for regulation function. People lost their jobs, had no money, could not pay for the rent, they had to live in the shanty areas. Racism became a strong issue as well.
The Great Depression: Causes and Effects
People became more aggressive against the background of hunger, lack of money and despair. The Great Depression became a huge blow to the economies of many countries. In a conclusion of the Great Depression essay we should notice that a lot of people, companies, and businesses suffered from this economic crisis. Everybody experienced big losses. And although the USA and other counties experienced different significant economic downturns after it, nothing could be compared with the severity of the Great Depression.
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The period ended with the outbreak of the Second World War in September It was a decade of despair, anger and broken dreams. This essay will give a glimpse into what happened during those years, especially on the Prairie Provinces Alberta, Saskatchewan and Manitoba. I will try to explain why those years were so hard particularly for the people living on the Western Provinces. I will not only present facts about what happened and how it could happen but also how people tried to deal with it and made the best out of their situation. Thus, this essay is also based on recordings of men, women and children who had to face the Depression Years.
Causes of The Depression
Apart from the introduction, this essay is divided into two parts: Section A explains how the Great Depression could emerge, and describes it in terms of politics and economics. Section B focuses on how people were affected by the Depression. What exactly did the families and individuals suffer from?
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