The Great Depression
A time without money
What Was It?
What Caused It?
One explanation for the great depression is that the demand for goods throughout America was severely low. When the demand for goods was not high enough businesses started to lay off workers which eventually led to crash of the stock market. Frequent spending and a peak in the economy in the 1920’s led to a stop in demand and thus the Great Depression. One article states "Demand for such goods increases when consumers are feeling prosperous; it falls when they are not feeling prosperous." (Caldwell). So therefore we can assume that this was one of the major causes of the depression
Millions Lost Their Life Savings in only a Couple of Hours
How did the people respond?
Black Tuesday is a nickname to the events after the crash of the stock market. October 29th was a horrible day for the American people. Many citizens tried to sell their stocks to get their money back but only were left with no stocks and loss of their life savings. One example from an article says "Black Tuesday refers to Tuesday, October 29, 1929, the day on which the stock market crashed."(Black Tuesday)
People of The Great Depression
The people who survived through the great depression learned the hard way to be protective of their money and to not just trust one bank with all of their stocks and life savings. some people just stopped using banks all together and kept it hidden in their house. They no longer trusted the banks of the United States of America. "Family life had been changing dramatically during the twentieth century and the transformation continued during the Depression"(Batchelor)
Some More Pics Of Sadness
These people lost their house so now they live in a makeshift tent
Companies lost lots of money after the stock market crashed
Crowds of People
Starving and homeless men line up to get free supper outside a New York lodging house
how did we recover?
During the Great depression many steps were taken to try to halt the great depression and to get the countries economy back on track. One method was Roosevelt encouraged companies to not make major wage cuts, avoid strikes and to increase demand for their products. Another was making the reconstruction finance corporation to aid the cause. The final end of the Depression was World War 2 in which case America supplied multiple countries overseas. An article states "Though conditions improved again by mid-1938, it was the onset of World War II (1939–45) that brought an end to the Great Depression."
Caldwell, Jean, and Timothy G. O'Driscoll. "What caused the great depression?" Social Education 71.2 (2007): 70+. Student Resources In Context. Web. 8 Apr. 2013.
"Black Tuesday." Gale Encyclopedia of U.S. History: Government and Politics. Detroit: Gale, 2009. Student Resources In Context. Web. 8 Apr. 2013.
"Great Depression." UXL Encyclopedia of U.S. History. Sonia Benson, Daniel E. Brannen, Jr., and Rebecca Valentine. Vol. 3. Detroit: UXL, 2009. 651-656. Student Resources In Context. Web. 8 Apr. 2013.
"The 1930S Flashback." Progressive 73.12/1 (2009): 46-53. Academic Search Complete. Web. 8 Apr. 2013.
BATCHELOR, BOB. "Psychological Impact of the Great Depression." Encyclopedia of the Great Depression. Ed. Robert S. McElvaine. Vol. 2. New York: Macmillan Reference USA, 2004. 777-779. Student Resources In Context. Web. 8 Apr. 2013.