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Great depression - During the Summer in America 

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Great depression - During the Summer in America 

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The Great Depression started between 1928-1941. The Great Depression was a global economic crisis that affected the lives of many. During the late summer, the stock markets quickly expanded. Stock prices have risen greatly beyond their worth. Interest rates were raised to help stunt the rapid rise in stock markets. This led to the event of Black Thursday, where panicked investors sold a record of 13 million shares of stock. Which later increased the damage to the economy.

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Several signs of economic depression were shown around the world. Great Britain sank deeper into a drastic depression, and Germany's industrial production declined as much as the United States' production. In the USA, the Great Plains suffered severe droughts and dust storms. On June 17, 1930, Hoover signs a Tariff Act. This act raises taxes on imports to protect businesses and farmers by reducing foreign competition. In the fall of 1930, the first four banking panics begin. A large number of people deposit their money in these banks. The USA experience three more banking panics, in the spring of 1931 and in the fall of 1932.

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President Hoover opposes federal relief programs for people who attempt to alleviate the effects of the depression. In, 1931 he supported the foundation of the Reconstruction Finance Corporation (RFC) to help banks and industries. Homeless families lived in poorly constructed shelters in towns they called “Hoovervilles.” eventually, people started to blame Hoover for this outcome

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In 1932, the election Hoover lost to Franklin D. Roosevelt. Roosevelt won with an overwhelming majority, carrying 472 electoral votes to Hoover’s 59 electoral votes. An estimated total of unemployed people was 30 million. There were multiple responses to the depression, Germany, Italy, and Japan were fascist and militarist countries and had problems with their industrial development.

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President Roosevelt takes quick action, the national bank holiday which closes all banks to declare security for government agencies.

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The United States slowly recovered from the depressive period. President Roosevelt deal establishes such as the Works Progress Administration and the Civilian Conservation Corps to provide federal aid and temporary jobs. Other agencies were established to alleviate business and agriculture. Financial regulatory agencies, such as the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, were also created. Other countries instituted a massive program of military rearmament that ended high unemployment. Between 1930-1935 the engagement often took the form of an attraction to Marxism, the Soviet Union, and the American Communist Party. A lot of cultures were changed in this period.

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The USA was hit with another severe economic downturn. The Japanese military conquered Manchuria, a region that had rich and raw materials, and coastal China. After 1937-38 the economy slowly recovered once again. Production finally returned pre-depression numbers by 1942. The recovery for the rest of the world improves greatly as well. Economies in Great Britain, Germany, and Japan recovered around 1932, and France didn't recover until 1938.

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Covid-19 was a global event that took place in 2019-2020. It has affected the progression of businesses and economies, greatly. The similarities and differences between each country during this period vary. Covid-19 outbreak affected the central banks all across the world. The UK had slashed interest rates like the USA did when COVID-19 first started. There were multiple struggles that people went through with Covid-19. The globe had problems with people finding jobs and getting income to assist them in their daily lives. The unemployed numbers varied greatly, the United States had 5.2% more people who were unemployed in 2020; than Japan had 0.9% more people unemployed, and new vacancies were lower than the USA.

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Is it truly possible for one country’s financial difficulties to cause problems for other countries or the entire world? Refer to the Great Depression as well as COVID.

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Is it truly possible for one country’s financial difficulties to cause problems for other countries or the entire world? Refer to the Great Depression as well as COVID.

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Yes, it is truly possible because if one country has financial difficulties and can't complete a certain trade they had with another country, it can cause problems and make other countries slowly spiral into financial issues. During COVID-19 countries spending money has decreased and affected the economy of many countries. This is also similar to the Great Depression, and how certain banks plummeted because there was a large amount of money being put into banks. This led to a large debt throughout America and affected the economy significantly and well as other countries.

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Considering how the economic challenges of the early 1900s impacted the entire globe in both poverty and political instability, why do you think governments have taken action to help their citizens? What could happen if the right steps are not taken?

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Considering how the economic challenges of the early 1900s impacted the entire globe in both poverty and political instability, why do you think governments have taken action to help their citizens? What could happen if the right steps are not taken?

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The reason I think governments have taken action to help their citizens is because a large majority of people would perish and migrate to another country that pays attention to their citizens more. Taking care of the citizen's needs can show a bright light on the country's public view, but it can make more people move there to live. Which results in them getting more money and more popularity. If the right steps weren't taken it would make the government out of control and chaotic. It could lead to people revolting against the government and cause an uproar.