The Great Depression is viewed as one of the most notable economic crashes in the history of the United States, and due to the United States’ global influence, the Great Depression is studied by economists in all corners of the world. Between 1929 and 1939, the Great Depression held its grip the tightest on every US citizen, regardless of race, gender, or economic standing. The lower class increased its size dramatically as middle-class citizen lost most of their income, and the upper-class citizens suffered losses in their stock. Every person experienced a dwindling of their personal savings as banks failed across the country, workplaces went bankrupt, and farmlands diminished. With that being said, the Great Depression is notorious for weakening …show more content…
For example, the stock market’s tumble led to the failure of many thousands of banks in the coming months, this panic led to bank rushes, where people were desperately trying to withdraw all of their savings before the banks were forced to shut down. In turn, these bank rushes caused many more banks to collapse, and the vicious cycle continued. Over 9,000 banks failed by the end of the decade (Kelly). Furthermore, with lack of money in cycle, people began spending less on commercial goods, and the economy suffered as a result. Many banks, much to their customers’ dismay, had invested a good chunk of their money in the stock market, so as Americans rushed to take their money out, they were stunned to learn that much of it wasn’t there. Less money in circulation caused an immense degradation to credit, making it almost completely nonexistent for many Americans (Kelly). Less credit caused a decrease in the amount of money spent on commercial goods, which in turn hurt many businesses, both small and large-scale. While the stock market crash had quite a hefty impact on the average American, it isn't the only apparent cause of the Great …show more content…
by reducing agriculture for the U.S., thus causing a decline in exports. The farmlands of Western and Central United States suffered greatly as a remarkably sturdy drought choked the soil of its water supply. Many farmers were forced to seek government assistance as they couldn’t afford to water their crops efficiently. In fact, by 1937, a reported 21% of rural families were receiving government aid (“The Great Depression.”). While the entire U.S. was affected by this widespread drought, farmlands on the Great Plains were affected the most as huge dust storms swept across the vast area. The area quickly became known as the Dust Bowl; many cities were forced to evacuate the streets during some of the most powerful dust surges. Dry winds and loose dust further harmed crops and livestock, forcing many farmers and ranchers out of work and in search of new jobs (“The Great Depression.”). While agriculture was not the most profitable workforce in the United States, it played perhaps the largest role in the American economy. Agriculture made up 27% of the workforce during the 1920s, however,this high percentage fell to just 15% by 1940 (“Historical Timeline - 1930.”). Because of this, the drought is yet another studied factor of the Great