Monday, March 28, 2011
Mohammad Aali, Mohammad Issa- The Great Depression
Life in the 1930’s In the 1930s it was a time of the Great Depression. The Great Depression was an economic slump in North America caused by the stock market collapse. The United States economy had gone into a depression six months earlier. In the United States, for three years stocks dropped twenty percent of their value from 1929. By 1933 eleven thousand of the United States’ 25,000 banks have failed. The failure of so many banks caused people to lose confidence in the economy, which led to reduced spending, which caused Manufacturers to stop producing. U.S. Manufacturing had dropped fifty four percent by 1929. The unemployment had risen between twelve and fifteen million workers. The economic distress led the election of Democrat Franklin D. Roosevelt to the presidency in late 1932. Franklin Roosevelt introduced a number of changes in the structure of the American Economy. About the Great Depression." Welcome to English « Department of English, College of LAS, University of Illinois. Web. 28 Mar. 2011.