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Depression Of The 1930s
Beginning of essay
The economic depression that beset the United States and other countries in
the 1930s was unique in its magnitude and its consequences. At the depth of
the depression, in 1933, one American worker in every four was out of a job.
In other countries unemployment ranged between 15 percent and 25 perce ....
Middle of essay
....ons had reversed in a year or two.
The usual forces of economic expansion had vanished, however. Technology
had eliminated more industrial jobs than it had created; the supply of
goods continued to exceed demand; the world market system was basically
unsound. The high tariffs of the Smoot-Hawley Act (1930) exacerbated the
downturn. As business failures increased and unemployment soared--and as
people with dwindling incomes nonetheless had to pay their creditors--it
was apparent that the United S.... |
| Number of words: 1252 |
Approximate pages: 5 |
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