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Great Depression Essay

1339 Words6 Pages

The Great Depression was a time of immense hardship in America, with millions of citizens losing their jobs and homes. This economic crisis had a nationwide impact, reshaping US domestic politics and economics and leading to a dramatic shift in the American public's attitude towards the government. The economic crisis led to President Roosevelt's implementation of the New Deal policies, which dramatically increased the federal government's role in the economy and increased public support for government intervention in the economy. Additionally, the Great Depression shifted the public opinion from a preference for laissez-faire capitalism to a more pro-government stance. The effects of the Great Depression are still felt today and demonstrate …show more content…

The seemingly never-ending cycle of borrowing and spending caused some people to be caught in a financial pitfall, which ultimately contributed to the global economic crisis. Unfortunately, all these factors together meant that the Great Depression was going to be a long and difficult road for many people across the world. Thankfully, with the right measures and policies, we have been able to recover from this unfortunate event, although it is important not to forget it's cause and effects so we can work towards avoiding another great depression in the …show more content…

While marxism certainly wasn't the driving force behind the New Deal, it provided an unprecedented level of government intervention in the lives of citizens — a concept that would have been considered near-heretical prior to the Great Depression. The establishment of regulations and financial instruments such as Social Security, unemployment insurance, and bank deposit insurance showed that marxism's idealistic vision of a state-centered economy could be implemented in tandem with a free market system — something the Roosevelt administration had to learn during some tough economic times.

The legacy of this period still reverberates today, as it fundamentally changed the way that both parties operate and view the role of government in society Additionally, the Great Depression was a significant event which served to permanently shape the landscape of the American economy and political system. Its legacy still serves as a reminder of how quickly things can change, but also showcases the profound effect that government and societal action can have on our lives. As such, it is essential to remember the impact of this period, as it continues to influence how we approach economic and social

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