The History of Great Depression Research Paper
The collapse happening was influenced by the consequences of World War I and other factors that combined at that time. The Great Depression was a highly significant and destructive event caused by multiple factors, ending in a shift in the whole world and every structure and changing Americans’ attitude toward the government. The Great Depression was the most severe recession of the past centuries. It affected the whole world and lasted for approximately 12 years.
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Main body
Field claims that gross domestic production fell by 30%, almost half of the banks in the United States collapsed, and about 25% of the population became jobless during the Great Depression (para 1). Unemployment insurance did not exist at that time, and no one was prepared for these events, and it became a disaster for millions of people. Kiger states that the Great Depression affected everyone, from investors who became bankrupt overnight to clerks and factory workers who became unemployed (para 1).
The event influenced every person despite their status or profession.
Thus, the Great Depression was a devastating event that affected everyone.
It is believed that the reason for the recession was the market collapse in 1929; however, it is not. There was no one exact reason for the collapse happening.
Field claims that the genuine reason for the event was a combination of different factors, such as ill-timed tariffs and misguided moves (para 2).
Thus, the Great Depression had predispositions and was provoked by many factors.
Moreover, Segal, Cheng. et al. affirm that “inactivity followed by overaction by the Fed also contributed to the Great Depression” (para 6).
After the eight-year inactivity, Fed, the central US banking system, drastically increased the money supply, which influenced the economy and became a predisposition for the collapse. Thus, there were several factors that contributed to the Great Depression happening. Furthermore, it is believed that the consequences of World War I also caused the Great Depression. The world experienced a crisis and tried to stabilize the economy.
Kiger states that after the war, the level of consumption increased, which brought wealth to many businesses (para 9). However, this also made them vulnerable to any changes in consumers’ preferences.
Kiger adds that the economy throughout the world was unstable and many connections were broken, and cooperation between many countries stopped (para 9).
This led to exaggerating the problem with the economy and made all the businesses unstable and at constant risk of bankruptcy. Thus, World War I impacted the collapse severely and destroyed the ability of cooperation among many countries.
The consequences of the Great Depression were deplorable and, meanwhile, significant: it affected people’s lives and their attitudes toward the government.
It is hard to determine the exact number of human casualties during that time.
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However, Amadeo, Kelly et al. state that the rate of committing suicide increased by 22.8% at that time (para 25). His means that the recession severely affected people’s mental health. Amadeo, Kelly. et al. affirm that in the 1930s, the level of trust in the government reached its peak and was never higher (para 26). Americans believed in the New Deal that was formed after the Great Depression and its decisions. Thus, the collapse changed the population on different levels and shaped its relations with the government.
Conclusion
In conclusion, the Great Depression was a meaningful and devastating event of the 20th century that led to a significant shift in the world and changed the attitude of the US people toward their government. It was caused by a combination of varied factors, such as the consequences of World War I, the Fed overaction, lack of cooperation of many countries, and others. The event made many humans suffer; however, it led to stabilizing the economy and evoked trust and cooperation between the residents and the government.
Works Cited
Amadeo, Kimberly. Kelly, Robert. Jonson, Arron. “Great Depression: What Happened, Causes, How it Ended.” 2022.
Field, Anne. “The Main Causes of the Great Depression, and how the Road to Recovery Transformed the US Economy.” Insider. 2020
Kiger, Patrick. “5 Causes of the Great Depression.” History. 2022
Segal, Troy. Cheng, Marguerita. Kvilhaug, Suzanne. “What Was the Great Depression?” Investopedia. 2022
