World War II : The Great Depression Of The 1930s

The America in the 1930s was drastically different from the luxurious 1920s. The stock market had crashed to an all time low, unemployment was the highest the country had ever seen, and all American citizens were affected by it in some way or another. Franklin Delano Roosevelt’s New Deal was effective in addressing the issues of The Great Depression in the sense that it provided immediate relief to US citizens by lowering unemployment, increasing trust in the banks, getting Americans out of debt, and preventing future economic crisis from taking place through reform. Despite these efforts The New Deal failed to end the depression. In order for America to get out of this economic

In the 1929 and 1940 The Great Depression in history millions of people were out of work or they will soon to be out of one. It didn’t matter if you were Black , White HIspanic or Asian you will still would be unemployment even if you were really rich. Everything was crashing down there wasn’t jobs for people. Many banks failed then markets did as well.

The Great Depression brought many changes to the United States of Americas but the New Deal allowed for the protection of the entire nation. At first political leaders like Herbert Hoover, felt that the depression was only temporary and failed to comprehend the depth that the nation was in. Women and minorities began losing their jobs faster than men but soon when white men were walking down the streets searching for an opportunity. When Roosevelt took office in date he would address the depression head on; saving the nation from imploding from the many violent strikes and protest around the nation. When Roosevelt created the New Deal he created Governmental organizations and programs that would not only help the white male in urban areas but the entire nation.

The Great Depression can be considered the true test of American resilience. Americans faced many adversities and struggled to make it through each day. The Great Depression did not begin on one single day, but was something that had been stirring for many months prior. The day of the stock market crash, October 29, 1929, everything came to head and from that day on America was thrust into a terrible economic depression which would take over 10 years to recover from (Gitlin 58). The economic depression did not occur overnight but was series of events which accumulated in the recession of the economy. Once America entered World War I, it was thrust into a time of prosperity, but as the end of war came closer so did an end to the good times (Gitlin 8). Soldiers were coming home expecting to collect the benefits of the war, which everybody else had received but instead were faced with the prospect of being unemployed and the start of the economy 's downfall. The problem was although the war was over, the mass productions still continued to flood the market. Producers continued to manufacture goods at wartime levels, leading to a surplus of products in circulation and thus forcing the prices to drop (George 14). The time after World War I became known as one of the most difficult times in American history. Many Americans were unemployed and struggled to provide for their families. But on September 1, 1939, Germany

World War I, The Great Depression, and World War II brought instability to the United States. As World War II came to an end in 1945 people were looking for stability, which is what the 1950’s resulted in. The 1950’s was a decade of conformity in all aspects of life; politics, economy, and culture.

Cecchetti, Stephen G. "Understanding the Great Depression: Lessons for Current Policy ." Monetary Economics (1997): 1-26.

The great depression was an economic recession in America that spanned between the years of 1929-1939. Although this was sparked by the stock market crash on October 29, 1929, there were several long term causes, most prominently, the decline of both the agricultural industry post World War I and industry. After the end of the first World War, food demand decreased 40% internationally, leading to a decrease in farmers’ profits. To compensate for this, farmers expanded and overplanted their farms, digging up the roots of native grasses in order to plant more crops. Unfortunately, this deflated the price of crops. In addition, digging up the native grasses allowed winds to blow the nutritious topsoil from the land, causing less fruitful

From 1929 to 1945, two catastrophes occurred: the Great Depression and World War II. American political leaders established a cause-effect relationship between economic collapse and total war, based on these two events, which defined their policy approach in the post-war period. In the 1930s, American leadership, and most importantly, President Franklin Delano Roosevelt, came to view economic decline, political radicalization, and instability as forming a vicious cycle that led to utter chaos and war. Although FDR did not know the future consequences of the economic fallout, he did know that breaking the cycle was of systemic importance. FDR’s policy platform, known as the New Deal, disregarded the historical wariness for government intervention and boldly connected economic security to freedom. Essentially, he attempted to push the American system to its limit in order to save it. Even with conservative elements constantly attempting to restrain his initiatives, FDR expanded his focus in the latter years of the 1930s to include international affairs as war broke out in Europe, Africa, and Asia. FDR and other government elites openly talked about the responsibility America had to build a new world order.

July 1 to 22, 1944 in Bretton Woods, New Hampshire, the Bretton Woods Conference took place to agree on new rules for the post-WWII international monetary system. Ensuring a foreign exchange rate system, promoting economic growth, and preventing competitive devaluations was the main goal. The International Monetary Fund and the International Bank for Reconstruction and Development were major

After the Great War (1914-1919) came the “Roaring Twenties” followed by the Great Depression (1929-1939). After World War I America experienced the greatest economic growth in its history. Its economic expansion was due to how undamaged it was after the war. It became the richest country in the world at that time. The people enjoyed life as it were back then until the US experienced the largest economic downturn in history when the Stock Market crashed on 29th October 1929. It began in the summer months of 1929 when the US economy began experiencing a small recession where consumers began spending less and unsold goods began piling up, thereby slowing down production. While this was happening stock prices continues to rise reaching levels that could not be justified by anticipated potential earnings. This occurred for a few months until October 24th 1929 when the stock market crashed and America faced the Great Depression a few days after on October 29th 1929 . So what were the contributing factors of the Great Depression? These include:

The three major international economic institutions are the International Monetary Fund (IMF), the World Bank and the World Trade Organization; this book mainly focuses on the IMF and the World Bank, due to the author’s first-hand experience with both institutions. The IMF, a public institution built as a guiding hand for economic stability around the world, has brought false

Here the International Monetary Fund and the International Bank for Reconstruction and Development, later divided into the World Bank and Bank for International Settlement, were established. To regulate the international policy economy these institutions become known as the Bretton Woods institutions and became operational in 1946. The IMF, founded to stabilize countries' currencies in relation to each other, holds money in trust, which member countries can borrow according to terms set by the institution. The World Bank instead gives more long-term loans and sells bonds to corporations and governments, which bind the issuer to pay the bondholder the amount of the loan plus interest. However, the countries taking advantage of the opportunity to borrow money to improve their affected economy are obliged to launch a set of policies, known as the Washington Consensus, which was first presented in 1989. The reforms introduced by the Institute for International Economics include "deregulation, privatization, currency devaluation, social spending cuts, lower corporate taxes, export driven strategies, and removal of foreign investment restrictions" . More, "these loans are only granted when the countries agree to the adoption to a comprehensive programme of macro-economic stabilization and structural economic reform."

The IMF was established in 1945, having first been conceived at the Bretton Woods Conference in New Hampshire, USA in 1944. That conference saw representatives from forty four allied nations gather to craft new rules and institutions to regulate the chaotic global economy – blamed for the Great Depression and for helping cause two World Wars. The outcome was the Bretton Woods Agreement which created two new multilateral institutions: the International Bank for

1.The international financial institutions (IFIs) are central pillars and the architects of the global economy. The world bank and IMF were founded and funded by the United states after the second world war to build shattered world economy after the war and great depression of the 1930s (socialist alternative,). The creation of the IFIs was to bring about a global economy after the “isolation economy” which some argue brought about the Second World War. The IFIs were to help the economy of the less developing countries (LDCs) to bring about growth and development, a phenomenon known as globalization.

In the year of 1327, Kind Edward III of England defaulted on his Italian debts. This caused the banks of Bardi and Peruzzi in Florence to collapse. Who would know that over 650 years later, the world would still have these types of problems? After World War II, the need for an organization like the IMF was finally realized. After the war, politicians and economists began to work on blue prints for a postwar world. They envisioned a liberal international economic order, based on stable world currencies and revived world trade. The International Monetary Fund (IMF) finally came into existence on December 27, 1945. On this date, twenty-nine