The United Height Of The Transition Of Philadelphia 's Economy Essay

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At the height of the transition of Philadelphia’s economy from agricultural to industrial, Philadelphia experienced a period of economic prosperity for almost all its citizens. Businesses were booming, new projects and development were established, the banking and commerce industries soared and a record number of jobs were created enabling the city to reach full employment rate, something that the city has yet to experience since. Citizens were confident in the government and financial institutions were equally confident in their citizens as evident by lax lending habits. As all good things typically come to an end, Philadelphia had an economic turn for the absolute worse. In 1920, the stock market crashed with several major bank failures and employment rate plummeted. The city then went through the worse financial time in the history of the U.S. known as the Great Depression. Citizens looked to their government for ways and means of ending the suffrage wreaking havoc on a once thriving and prosperous city. The significant increase in unemployment rate resulted in citizens losing trust and hope in the Republican Party, the party in power at the time. The New Deal initiative was then developed under President Roosevelt, which slowly ushered in the recovery of the economy and the city as a whole. The effects of the Great Depressions were alleviated to some degree; nevertheless the city struggled to achieve economic stability once more, but there was hope in sight. Despite the

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