November 11, 2014 / by admin / American History / No Comments

The Great Depression (Economics - Taking the Mystery out of Money)

The Great Depression (Economics - Taking the Mystery out of Money)

Brian Duignan, Britannica Educational Publishing

Language: English

Pages: 77

ISBN: 2:00246870

Format: PDF / Kindle (mobi) / ePub


Age range: 13 - 17 Years

Overview

When the United States suffered through the Great Recession of 2007–09, the downturn was frequently referred to as the worst since the Great Depression. Indeed, at 18 months, the Great Recession was the longest recession the U.S. had experienced since the 1930s. Still, even that recent experience cannot give people today much of a feel for what America went through from 1929 to 1939, when the Great Depression held the nation (and much of the world) in its grip.

Spanning two recessions totalling a combined 56 months, the Great Depression was not simply a temporary economic setback but a period of severe hardship that profoundly affected both rich and poor. It changed the course of world politics and left a permanent mark on U.S. government institutions and American popular culture. In the generation that witnessed it the Great Depression instilled a profound caution about money, an ethos that was in stark contrast to the excesses that later led to the global financial crisis, which significantly worsened the Great Recession in 2008–09.

This book is designed to give readers a view of the Great Depression, not purely from an economic standpoint but also with respect to its personal, political, and cultural effects. This book will also give readers a sense of the diverse forces that influence economic growth. A discussion of economic cycles is a useful starting point for this examination of the Great Depression because it helps put the events of the time in perspective.

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clattering in their trucks and jalopies across the Arizona desert on Route 66 to the advertised promised land in California, a despised caste of migrant labourers who (like Steinbeck’s heroic earth mother, Ma Joad) still insisted that the “people” are indestructible no matter what tragedies they must surmount. But California might not have been a place for new beginnings; in the 1930s, as the novelist Nathanael West observed in The Day of the Locust (1939), it was more likely a destination where

session of Congress. We must look into measures for which they voted and which were defeated. We must inquire whether or not the presidential and vice-presidential candidates have disavowed these acts. If they have not, we must conclude that they form a portion and are a substantial indication of the profound changes proposed. And we must look still further than this as to what revolutionary changes have been proposed by the candidates themselves. We must look into the type of leaders who are

through the corporate and municipal bankruptcy acts and the Farm Relief Act. It lent a hand to industry by encouraging loans to solvent industries unable to secure adequate help from banking institutions. It strengthened the integrity of finance through the regulation of securities exchanges. It provided a rational method of increasing our volume of foreign trade through reciprocal trading agreements. It strengthened our naval forces to conform with the intentions and permission of existing

brewed the caldron of powerful trouble for Macbeth. Their product is the poisoning of Americanism. The President has constantly reiterated that he will not retreat. For months, to be sure, there has been a strange quiet. Just as the last campaign was fought on promises that have been broken, so apparently this campaign is to be slipped through by evasion. But the American people have the right to know now, while they still have power to act. What is going to be done after election with these

regained enough momentum to surpass the 200-point level. The stock market crash reduced American aggregate demand substantially. Consumer purchases of durable goods and business investment fell sharply after the crash. A likely explanation is that the financial crisis generated considerable uncertainty about future income, which in turn led consumers and firms to put off purchases of durable goods. Although the loss of wealth caused by the decline in stock prices was relatively small, the crash

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