Unregulated Capitalism During The Great Depression

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The Great Depression is probably one of the most misunderstood events in American history. It is routinely cited, as proof that unregulated capitalism is not the best in the world, and that only a massive welfare state, huge amounts of economic regulation, and other interventions can save capitalism from itself. The Great Depression had important consequences and was a devastating event in America, however many good policies and programs became available as a result of the great depression, some of which exist even today. When the stock market crashed in October 1929, the nation plummeted into a major depression. An economic catastrophe of major proportions had been building for years. The worldwide demand for …show more content…

It was a time when federal and state officials were still developing work programs for the unemployed. This great industrial slump continued throughout the 1930's, shaking the foundations of Western capitalism. When the Depression began, there was no federal relief for the unemployed or assistance for families facing starvation. Some states operated relief programs but curtailed them due to declining tax revenues. Religious and charitable organizations provided relief in many urban areas; however, in many of these organizations operating in the North as well as the South, there was a lot of discrimination and racism, which excluded African Americans from their "soup kitchens." In communities where relief work was offered through state agencies, African Americans were given less in monthly aid than white applicants. The reason I am referring to African Americans is because I have recently read a book that dealt mostly with the great depression and welfare programs. This book is called "There are no children here" and it is written by Alex Kotlowitz. This is not about a fictional story of hardships and struggles but rather it is a harsh reality that exists in this country, one to which we turn our backs and close our eyes to daily. This book is touching only if you understand and acknowledge the facts that perpetuate poverty and welfare dependency in the United States. Although I learned a lot from this book I

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