The Great Depression [click for more information] (29 ottob 1929 anni – 29 ottob 1939 anni)

Descrizione:

The Great Depression happens between 1929-1939, this period of time was especially hard for US citizens, especially those workers and farmers. The unemployment rate rises as industrial production, prices, and wages declined. Along with the stock market crash, the entire US economy collapsed with several different reasons. Including uneven wealth distribution, overproduction of goods, by business and agriculture, and consumers spending decreases. Then the banks closed, the production decreases, and loads of business failed. By 1933, one-fourth of Americans lost their job and life was hard for them. It not only affects the US economy itself, but also the rest of the globe. For instance, American investors withdraw their money from the European bank, this action indirectly affects the economy system in European nations. American government also imposed extremely high tariffs on imported goods in order to encourage citizens to purchase products that are made in their own country. Between 1929-1939, more than millions of people around the world lost their land and job, the entire global economy collapsed and crashed. Austria and Asia suffered the most. The largest bank in Austria failed, and urban workers and farmers lost their job and land in Asia. The entire world trade dropped 65% and affect the living quality in each country. I think this event is very significant because people nowadays often look at the Great Depression as an example to modify and examine how severely the world economy can decline. It also reflects on how one little event might affect the global economy. Starting from the crash of stock market, uneven distribution of wealth, and the overproduction of goods, which all lead to the global Great Depression. It also demonstrates how the importance of government and rule, Franklin D. Roosevelt demonstrates that good president or leader can create order, therefore, it takes less time for the entire country to recover from the Great Depression.

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