The Great Depression was the biggest economic downturn in history of the industrialized world. For the US “The stock market crashes on Black Tuesday October 29.”- Critical Perspectives on The Great Depression by Paul Kupperberg.Leading to the closure of banks all across the US and many people losing their jobs.
Although it started on Black Tuesday there were already signs of the inevitable downfall years before. For example before Black Tuesday stocks were already decreasing in value. The government enforced a control of prices and wages which forced employers to fire people or shut down. The massive unemployment crisis started to make people weary of their spending habits, this led to people buying less so less money was being circulated
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Many people from rural to urban areas lost their jobs and had to apply for unemployment help.This can be seen in the images showing many men filling up paperwork and waiting (Pittsburgh,Pennsylvania 1938,New York 1936, Florida 1936)-The Depression Years as Photographed by Arthur Rothsein.The farmers crops soon started to drop value which caused them to go bankrupt and lose their farms.While many
Finally The Great Depression was solved once the “New Deal” and preparations for WWii started to happen. This was because it allowed the economy to be mobilized for another world war. This meant that many of the men who did not have a job got recruited as soldiers.Many more people started getting jobs in defense jobs that paid well.In return it got rid of mostly all the unemployed.The “New Deal” by president Franklin D. Roosevelt aimed to give people jobs and promote economic recovery.This was done by using Federal Activism, these federal agencies tried to control agricultural production,stabilize wages and prices,and create vast public works programs for the unemployed. This was done by paying farmers to limit their production on certain crops. This would in return raise the prices of the crops and stabilize