Exploring Causes of The Great Depression Essay - 522 Words

Exploring Causes of The Great Depression Introduction The Wall Street crash of 29 Oct 1929 and the Great Depression that followed were such a shock to most Americans that some early attempts to explain their causes blamed sunspot activity or medieval prophecy. A few held it to be divine retribution on a people who had indulged themselves in a decade of hedonism after World War I and were due for a sobering experience. Others recognized that the 1920s had brought hints of an agricultural recession, amid uninhibited business speculation. No philosophical consensus The efforts of economic historians to understand and explain the causes of the Great Depression of the 1930s have been†¦show more content†¦This was a symptom of the feverish `get rich quick ´ mentality that had accompanied almost a decade of growth following post-war reconversion. Then the over-valued commodity markets suddenly lost confidence, and prices tumbled. This set in motion a sequence of disasters that became an economic catastrophe for the richest nation in the world. Banks collapsed, businesses went bankrupt, unemployment soared, welfare organizations could not cope with the rising tide of destitution and politicians seemed powerless to break the vicious downward spiral of American industrial capitalism. The presidents view The president at the time of the crash, Herbert Hoover, blamed the calamity in part on international factors. He argued that world trade had deteriorated in the late 1920s because European states had not recovered from the effects of World War I, stating `the European disease had contaminated the United States ´. Under-consumption However, there were other causes closer to home. It went unrecognised that the distribution of national income was not only inequitable but was failing to generate sufficient demand at the broadest level of society to meet the rising levels of supply made possibly by new production technologies. Thus under- consumption was both a cause and a symptom of the Great Depression. Why it spread across the world The Wall StreetShow MoreRelatedThe Great Depression : A Unique Insight Into One Of The Most Difficult Times1033 Words   |  5 PagesThe Photogrammar project provides a unique insight into one of the most difficult times in American history, the Great Depression. The project helps to show the that the Great Depression truly encompassed all of America. In nearly every county on the map one can find a â€Å"Hooverville† or other examples of poverty. It is simple to navigate to a county on the map and go through all the photos associated with it. 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