Cause And Effect Of The Great Depression
The Great Depression started in 1929 when the economy of the world suffered an enormous drop in output and an outrageous increase in unemployment. It continued in a downward direction until 1932 when it hit bottom at 50% of its 1929 level. Unemployment elevated, in the United States as it peaked at 24.9% in 1933. It stayed above 20% for at lease two more years, and continue to decline to 14.3% by 1937. It then jumped back to 19% before its drastic decline. During that time most households had only one income per the equivalent modern unemployment rates would likely be much higher. The overall economic output (real GDP) declined by 29% from 1929 to 1933 and the US stock market lost 89.5% of its value. The Great Depression had the highest, worst and longest period of high unemployment ever recorded to date. During an economic depression, all labored institution reduced its labor force to the minimum, stores close, and small businesses and farms fall into ruin. The United States has experienced short periods of depression followed by periods of prosperity, but the Great depression of the 1930's was a 10-year long nightmare. (The Great Depression, Pg. 3) The core of t
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Approximate Word count = 1704
Approximate Pages = 7 (250 words per page double spaced)
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