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By the year 1933, almost half of the American banks failed, and the unemployment rate was high - 15 million people didn’t have jobs.The stock market failure was the official beginning of the Great Depression.
Great Depression became a worldwide business slump of the 20th century.
It is one of the worst and longest years of low business activity in the USA.
During Depression money of the investors which were in the market for the investments was lost in one moment which caused huge financial losses of clients, the banks were forced to close down.
They depended on stock markets deeply that’s why it caused such a big panic and extreme withdrawal of their money.
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The Great Depression is one of the most tragical economic phenomena that took place in the American history and in the world history.If you are a school, college or university student, you will have to submit a lot of writing assignments. It seems creative task and not hard to complete but it has some peculiarities and requirements.Here we will give you a good example of the Great Depression essay which took place in the United States.The beginning of the Depression was caused by the empowering of government involvement in the economy of the country and in the life of society. Depression made people forget about the wealth, growth and prosperity of last decade and face new and economically unfair conditions of doing business and living circumstances.It is obvious that the Great Depression influenced different countries in different ways, in a different time and rates of severity.At one moment they were not capable to pay the debts, some of them had loans, the issues that occurred in the economy made them go bankrupt.As a result, they lost their lost business, all means of subsistence on a large scale. The unemployment rate was rising unquestionably in big industrialized cities, in those areas where people were working in one particular industry.Interesting that the Gold Standard abandonment together with the ensuing monetary expansion made the recovery possible. It included both huge changes in economic policy and extreme suffering of the people.The stock market crash that happened in 1929 was not the only cause of the Depression, it became a kind of acceleration of global economic crisis, it started irreversible processes.All industries and companies were affected by the crisis.It is the reason for their mutual work, cooperation with the stock market, they depended on stocks.