The Great Depression
(Economic) (oct 29, 1929 – dec 1, 1939)
Description:
Due to the Wall Street Crash meant that many investments businesses fell wiping out small businesses which eroded the consumer confidence and the investment capital. In 1930 around 26 000 businesses and factories closed down resulting hundreds of thousands out of work. With no savings and little government assistance or support families were evicted from their homes and were forced to live in Shantytowns (some nicknamed Hoover vile). Unemployment reached 11 million in 1932. This collasped the male morale and the sense of self worth which resulted in an increaed suicide rate. Since the US was a major global power, the great depression had caused a domino effect on other countries especially since European countries like Germany still owned war debts. Hence the Great Depression became a global phenomenon.
Added to timeline:
HISTORY year 12
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