The Great Depression And Its Impact On Society During The 1930s

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In 2008, the US economy suffered from an economic recession that led to high levels of unemployment and low economic growth. It resulted from a combination of many factors which included bank failure, income inequality, and rising debt in the private sector. This recession has been referred to as the “Great Recession” and has been mentioned in speeches by President Obama along with the Great Depression of the 1930s. In this way, the Great Depression has become a measuring stick in order to determine the severity of economic downturns in the modern economy. Thus, it is important for modern Americans to gain a more in-depth understanding of the Great Depression and how it applies to our lives today. One way to gain this understanding is through an awareness of the causes of the Great Depression and the extent of the social consequences that were a result. Due to this, this paper will focus on the multiple causes of the Great Depression and the impact that the Great Depression had on society during the 1930s and today. If one were to ask a random person on the street the major causes of the Great Depression, one might expect to hear simple answers, such as the stock market crashed and many banks failed. However, the reality is that this is an oversimplification of the situation that existed during the 1920s and 1930s that brought about the Great Depression. Like most, if not all historical events, there were numerous elements that contributed to the Great Depression.

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