The great depression is marked as one of the worst economic slashes that the industrialized world has ever witnessed. It was the time when the stocks in the market crashed for a decade from 1929 to 1939. It panicked the globe as a whole as the worst economic consequences were witnessed by the world altogether with it.
What Was The Cause Of Great Depression?
There are many Great depression articles where the causes enlisted are different. In the 1920s, the economic strength of the United States just kept on multiplying. The total wealth of the nation got doubled, and the stock market in New York had a charming scene. The stock market went for rapid expansion. But by the time, the production witnessed a significant declination, and the unemployment rose up. The economy also struggled due to drought, and these were altogether responsible for the world’s crashed economy.
Crash Of The Stock Market:
The investors out of their nervousness began the selling of stocks which were overpriced. It ultimately resulted in the wreck of the stock market. There is also a black Thursday in the history of the world economy where 122.9 million shares were traded. There were millions of shares which were worthless. Many investors were completely wiped out.
Tennessee Valley Authority (TVA) marked the comeback from this paralyzed economic state of the world. For the progress of the valley, some hydroelectric projects and dams built. This project employed around 8.5 million people from the year 1935 to 1943. While the Greta Depression began, the only industrialized nation was the United States. In the year 1935, there was a social security Act which provides Americans with a disability, unemployment, and pension for old age. There was a continuous improvement in the economy all over the world. But this cannot be denied that the effects off Great depression had a prolonged impact on the planet. The Great depression also fueled some of the extremist political movement. WW2 home front history articles also can help the readers know a lot about the Great depression.