Depression and Cold War: Two Major Historical Turning Points in the Progressive Era

972 Words Feb 6th, 2018 4 Pages
The impacts on America's current society, economy, politics, and culture
The great depression that affected major economies originated from the United States in the early 1923 when the stock market had crashed affecting all the sectors of the economy in terms of revenues collected, personal income and profit margins. The rate of unemployment rose to greater heights in the United States. The International trade volumes went down as countries were wary of doing business with one another with most of the affected countries having cuts on their spending to cushion their economies against further economic uncertainties in the future.
The ones abolished restrictions on cross border transactions were revived due to the vulnerability of several economies to the external shocks and the effects of globalization, which affects major economies when faced with such crisis. The current American society is faced with many challenges which were as a result of the war and depression. The consequences of being at war affected the economy, many people as died in the process which traumatized most citizens. The effects are still being felt where various economic policies have been adopted to adjust and save the economy from getting into such a mess and to maintain the confidence in the financial system. There have been the cases of unemployment which…