The Effects Of The Great Depression

4304 WordsJun 19, 201518 Pages
Paper 2: The effects of the Great Depression By: Christa Dorvil Paper 2: The effects of the Great Depression By: Christa Dorvil Modern World History Instructed by Dr. Stephanie Laffer Miami International University of Art and Design Abstract Never had the flaws of capitalism been so evident or as devastating as during the decade that followed the outbreak of the Great Depression in 1929. All across the Euro-American heartland of capitalist world, this vaunted economy system seemed to unravel. For the rich it meant contracting stock prices that wiped out paper fortunes almost overnight. On that day that the American stock market initially crashed (October 24, 1929), eleven Wall Street finances committed suicide, some by jumping out of skyscrapers. Banks closed and many more people lost their life savings. Investment dried up, world trade dropped by 62 percent within a few years and businesses contracted when they were unable to sell their products. For ordinary people, the worst feature of the great depression was the loss of work. Unemployment soared everywhere and in both Germany and the United States it reached 30 percent or more by 1932. Explaining its onset, it spread from America to Europe and beyond, it’s continuous for a decade has been a complicated task for historians. (Strayer, R. W. (2010) In this research paper I will briefly discuss the Great Depression, what it was and it’s widespread from America; then go more depth to such places as
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