The Great Crash Of 1929 Essay

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he Great Crash The Great Crash of 1929 in America had a massive impact on not only the U.S but New Zealand also. To understand the full event of the Great Crash, the economic ‘boom’ needs to be examined which shows how the ‘bust’ occurred. On the surface the Great Crash could be purely attributed to the United States new ‘national sport’ of investing in the stock market and the nationwide ambition to get rich quick. However, delving into the years leading up to “Black Thursday”, it is evident that the American economy was ill-fated from the start and had many flaws. This causes the argument “that the Crash on Wall Street was more of a symptom, than an actual cause of the Depression” When the market did plunge into depression after 24th October 1929 on “Black Thursday”, the prosperity of a nation vanished and had numerous consequences. These consequences were significant to New Zealanders, past and present, as they shared similar experiences to those in the US. Early Flaws of Economy America’s economy was a huge power in World War One and through the 1920’s. During the war European nations relied on supplies from the U.S especially from the agriculture sector as U.S industries were not affected by the destruction of war and bombings. The U.S captured large European markets and production excelled. However, after World War One, a recession was felt globally as countries recovered from war-time costs and expenditure. America’s economy was hit with this recession also for
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