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Essay on The Causes for the Great Depression | ||
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This is the first 1,000 characters of 2144 words (8.58 pages) in the essay titled The Causes for the Great Depression The Great Depression was the worst economic slump ever in U.S. history, and one that spread to virtually the entire industrialized world. The depression began in late 1929 and lasted for about a decade. Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920 s, and the extensive stock market speculation that took place during the latter part that same decade. The misdistribution of wealth in the 1920 s existed on many levels. Money was distributed disparately between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. The excessive speculation in the late 1920 s kept the stock market artificially high, but eventually lead to large market crashes. These market crashes, combined with the misdistribution of wealth, caused the American economy to capsize.The roaring twenties was an era when our country prospered tremendously. The nation s total realized income rose from $74.3 billion in 1923 to $89 billion in 1929. However, the rewards of the Coolidge Prosperity of the 1920 s were not shared evenly among all Americans. According to a study done by the Brookings Institute, in 1929 the top 0.1% of Americans had a combined income equal to the bottom 42%. That same top 0.1% of Americans in 1929 controlled 34%... |
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Keywords: stock market speculation, great depression, henry ford, market crashes, brookings institute, excessive speculation, distribution of wealth, personal income, decade, average yearly income, unstable economy, striking example, economic slump