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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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Fast Facts
- 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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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.
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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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Related Pages on Mahalo
Black Monday | Economics | Wall Street | The New Deal | Dow Jones Industrial Average | New York Stock Exchange | S&P 500 | World War I | World War II | Dow Jones | Franklin D. Roosevelt | American Federation of Labor | Herbert Hoover | Wall Street | Black Monday | Federal Reserve | FDIC | SEC | Migrant Mother | Florence Owens Thompson | How to Buy Stocks | Clara Cannucciari | How to Tell When the Economy Is Getting Better | How to File for Unemployment
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Views: 339
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Page revenue is subject to change as we obtain data from our partners
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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 Mahalo Top 7
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PBS: The American Experience: The Great Depression
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Yahoo! Education: The Great Depression
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Wikipedia: The Great Depression I Great Depression in the United States
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A Biography of America: FDR and The Depression
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WikiBooks: The Great Depression Timeline 1929-1932
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YouTube: Scenes From The Great Depression (Time: 2:29)
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WLWT: Great Depression Comparisons Premature, Survivors Say
wlwt.com (September 29, 2008)
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PBS: The American Experience: The Great Depression
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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
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Questions and Answers About The Great Depression | View All | Ask a Question
View All The Great Depression Questions (3540) | Ask a QuestionDid FDR turn the depression of his day into the "Great Depression"? (1 Answer)No. 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 as ... read moreDo you think the conditions are building that could prompt another Great Depression? Why or why not? I've heard talk about this... (1 Answer)Ok 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 technology ... read more
Ask a Question about The Great Depression 140 characters
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The Great Depression on Twitter Powered by Twitter
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The Great Depression is one of the most studied topics in American http://tinyurl.com/yfquc5r
@charsscd | November 11, 2009 11:06 AM -
how does the teacher expect me to study bout the great depression its so boring..gosh it will make me depressed is so borin...
@becklovesjonas | November 11, 2009 11:03 AM -
Studied hard for Geo but none for history! Talk about the Great Depression! lol Getting up earily for last minute study!
@DanielsRyan | November 11, 2009 10:51 AM -
Jeremy Grantham: With Great Depression II Nowhere in Sight, Look to the “Emerging Markets Bubble” for Maximum Profits http://bit.ly/xbXlp
@macroaxis | November 11, 2009 10:48 AM -
@New2Sobriety Yup, depression seems very prevalent in the mtgs I go to also. Pray, pray, and pray some more. You're doing just great. Hugs
@SoberTrepi | November 11, 2009 10:45 AM
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Civilian Works Administration (CWA)
- Wikipedia: Civil Works Administration
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The Great Depression on Amazon | View All
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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 initial end of prosperity in almost every market, ushering in a ...
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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 Depression, the consequences of the New Deal, and the econom...
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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 politically correct lies, he tells why World War II didn t help the e...
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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 late 19th century, the Progressive Era of the early 20th cen...
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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 Great Depression, banks and businesses failed in record numbers...
Amazon
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