The Great Depression
An historical analysis of the Great Depression.
The purpose of this paper is to introduce, discuss and analyze the Great Depression from the viewpoint of the most significant global event of the twentieth century. Specifically, it addresses the question of why the Great Depression was so significant, and discusses the remedies and their impact upon the role of the government.
“The Great Depression began in October 1929, after the crash of the stock market, and lasted almost ten years. It was the “worst economic slump ever in U.S. history, and one which spread to virtually all of the industrialized world” (Gusmorino), which is only one of the reasons it was such a significant global event. An article from the Roosevelt Institute states, “over $75 billion in equity capital had been lost on Wall Street, the gross national product had plunged from a high of $104 billion to a mere $74 billion, and U.S. exports had fallen by 62 per cent. Over thirteen million people, nearly 25 percent of the workforce, were now unemployed.” In some areas, unemployment was even higher; it rose as high as 50 per cent in some major cities like Detroit and Chicago.”