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- Black Tuesday: October 29, 1929
- Began in 1929 and lasted until 1939
- One of the greatest economic disasters in history
- 16 million labor workers were unemployed
- Economic production declined nearly 50%
- Stocks dropped to 20% of their value
- The board game Monopoly was created during this time
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The Great Depression was the worst economic disaster in United States history, and had worldwide effects. It began with the U.S. stock market crash of 1929 and continued for more than 10 years.
The economy during the 1930s did not collapse immediately after the stock market crash of Black Tuesday, as is frequently assumed. The stock market continued to fluctuate in the months after October 1929, but falling commodity prices and higher unemployment caused a nationwide distrust in the economy. The economies of most western nations were in serious decline by 1931.
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Instigation and Ramifications
1930 saw a sharp decline in international trade because of the Smoot-Hawley Tariff. American exports declined by over $3 billion in just four years and farmers could no longer make good on their loans, causing mass debt.Many American neighborhoods became shanty towns, known as Hoovervilles. Around the world, economic hardships helped lead to the rise of fascism in Europe and Latin America.
The New Deal and World War II
President Franklin D. Roosevelt enacted a series of initiatives in the mid-1930s intended to aid the United States economy. There is widespread debate about the usefulness of these programs in instigating recovery, though many policies affected U.S. History for decades to come, including the Works Progress Administration and social security.In 1939, the U.S. engaged in heavily increased military spending and production to help stop the spread of fascism. World War II is heavily cited as the event that sparked a full economic recovery.
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The Great Depression: Britannica.com
The financial house of cards collapses and the overinflated stock market plunges into a Great Depression. It started in America, but practically overnight, an economic blizzard grips the world.
shinju added a comment August 09, 2009 03:05 AM| ReportThe Great Depression has always been an era that has fascinated me. What is most intriguing are the ways in which people became resourceful. The Grapes of Wrath is on my list of all-time favorite books.
smartweb added a comment August 16, 2009 08:41 PM| ReportI think it's amazing how history cycles... recessions and booming economies... and now people are looking for ways to save again and many are going back to basics like they had to do in The Great Depression. Better to do it *before* you have to... then maybe you won't have to. -
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The Great Depression Timeline
- PBS.org: Timeline of The Great Depression
- 1929: March 4, Herbert Hoover inaugurated as U. S. President
- 1929: October 24, Black Thursday
- 1929: October 29, Black Tuesday
- 1931: December 11, New York Bank of the United States collapses
- 1932: November 8, Franklin D Roosevelt defeats Herbert Hoover in United States Presidential Election
- 1933: March 12, Franklin D. Roosevelt broadcasts first of Fireside Chats
- 1933: April 19, United States goes off of the Gold Standard
- 1933: June 16, National Industrial Recovery Act and National Recovery Administration established
- 1935: May 6, Works Progress Administration established
- 1935 July 5, National Labor Relations Act established
- 1935: August 14, Social Security Act of 1935 established
- 1938: June 25, Fair Labor Standards Act established
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The Great Depression Historical Figures
There are several key figures whose actions helped shape the era of The Great Depression. It is important to recognize their part in this part of American History. A section is included here with links for further study for each historical figure: -
The Grapes of Wrath
The Grapes of Wrath gives a unique perspective of life during The Great Depression, especially in the Oklahoma Dust Bowl. Watch it free online.The Grapes of Wrath (1940) Aug 18, 2007 - 2:09:44 John Steinbeck's novel retold on the silver screen about a family stricken by poverty during the Great Depression. When the family loses their home, they move to California in an attempt to f...
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The Great Depression Programs & Acts
A number of legislative and administrative documents came out of The Great Depression.Our leaders and lawmakers enacted various programs and acts to protect the nation from a repeat of the conditions that led to The Great Depression, and to help the nation to recover. Programs such as Social Security and Welfare are examples of recovery procedures. Additional links for your further study have been included below for the various programs and acts that came out of this time period. -
Emergency Banking Relief Act
- Wikipedia: Emergency Banking Relief Act
The Great Depression Questions
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Did FDR turn the depression of his day into the "Great Depression"? 1 AnswerNo. There is a good argument that FDR and his New Deal succeeded in bringing the United States *out* from under the depression it was in. Commonly referred to ... read more
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Do you think the conditions are building that could prompt another Great Depression? Why or why not? I've heard talk about this... 1 AnswerOk well maybe I have a disadvantage because of the time of this answer but the conditions of the great depression simply can not be repeated today because the t... read more
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Civilian Works Administration (CWA)
- Wikipedia: Civil Works Administration
The Great Depression on Amazon
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The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History - $27.00
The first and last economic depression that you will experience in your lifetime is just ahead. The year 2009 will be the beginning of the next long-term winter season and the init...Amazon
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Rethinking the Great Depression (American Ways Series) - $12.95
Drawing upon recent economic scholarship to present a clear and nontechnical analysis, Mr. Smiley offers new insights and some surprising conclusions about the causes of the Great ...Amazon
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The Politically Incorrect Guide to the Great Depression and the New Deal (The Politically Incorrect Guides) - $19.95
In this timely new P.I. Guide, Murphy reveals the stark truth: free market failure didn't cause the Great Depression and the New Deal didn't cure it. Shattering myths and political...Amazon
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Just The Facts: Emergence of Modern America - The Great Depression - $14.98
Just the Facts: The Emergence of Modern America uses fascinating historical footage to explore six decades that shaped modern America. The series examines the Gilded Age in the ...Amazon
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The Great Depression - $12.95
Take an in-depth look at the decade that defined a generation with The Great Depression, a four-part series from History.In the first years of the Gre...Amazon
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On Twitter Powered by Twitter
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RT @DeniseLescano: In the Great Depression organized crime robbed banks with guns, now they own the banks and rob the people directly
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In the Great Depression organized crime robbed banks with guns, now they own the banks and rob the people directly
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House voted 223-202 to approve the most sweeping overhaul of financial regulations since the Great Depression http://j.mp/5vNyl6
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The US House passed today far-reaching financial reform since the Great Depression, aimed at avoiding the massive failures of Wall Street...
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The great depression started in this house, hhaha!
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