Economics...In Real Life

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The 1920s were a time of luxury and economic stability in the United States, that is, until the day the stock market crashed and the country was plummeted in to a time of misery and uncertainty called the Great Depression. The ten year span from 1929 until 1939 is one of the worst episodes the United States has ever experienced; it held a great shortage in the money supply, massive unemployment, and despair and doubt for all of the people who lived through it. Frederick Lewis Allen’s book Since Yesterday: the 1930s in America gives a wonderful depiction of exactly what went on during this period of time in the United States, it explains what everyday life was like for the common people and gives the precise reasons for what started and…show more content…
Through the course of reading the book you are carried through the entire timeline of the Great Depression, starting with the day the Big Bull Market reached its peak on September 3, 1929. The peak of the Big Bull Market was an important event because after it reached its peak, the entire economy started to drop, and by November 13 the country had lost enough money to finance the first World War or to pay off the national debt twice, resulting in 25% of the work force being unemployed in a matter of months. At this time President Herbert Hoover was promoting the idea that the economy was only experiencing the recessionary part of the cyclical business cycle and therefore refused to offer any kind of relief to unemployed families, insisting that the economy would self-correct soon enough due to the business cycle. But by the time of the presidential election in 1932 the economy had shown no visible improvement, and Hoover lost the election to Franklin Delano Roosevelt. Once elected, Roosevelt launched his various New Deal programs all with the purposes of relief, recovery, and reform. The New Deal programs were very successful, until 1937 when the economy crashed once again. The book ends with the oncoming threat of World War II and the day that England and France declare war on Germany. Allen’s perspective on 1939 is that there was not one great depression, but a “series of up-and-downhill succession of crises”. Between the years 1929 and 1933

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