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The Great Depression Essay

The recession of the American economy led to the greatest depression that has never been experienced in the American economic history. The Great Depression, experienced between 1929 and 1932, was a period of extreme hardship in America as it forced Americans to experience an economic crisis which left many jobless and hopeless. It was the worst and longest difficult situation in the country’s economic history that threw many hardworking people into poverty. People lost their homes, farms as well as their businesses (Gunderson 4). The Great Depression led to economic stagnation and widespread unemployment and also the depression was experienced in virtually all in every major industrialized country (Hall and Ferguson 2). The impact of the Great Depression was devastating as many individuals lost their homes because they had no work and a steady income and as a result, most of them were forced to live in makeshift dwellings with poor condition and sanitation. Many children dropped out of school and married women were forced to carry a greater domestic burden. More so, the depression widened the gap between the rich and the poor (Freedman 14) because many poor individuals suffered the hardships during this period while the rich remained unaffected. This paper discusses the period of Great Depression and it covers the life during this time and how the city dwellers, farmers, children and minority groups were affected. The Great Depression started following the occurrence of the Wall Street crash and rapidly spread in different parts of the world; however, some have argued that it was triggered by mistakes in monetary policy and poor government policy (Evans 15). Different hardships and challenges were experience by individuals in different parts of the world with many people left with no work. More so, individuals especially farmers suffered from poverty and low profits, deflation and they had no opportunity for personal and economic growth. Notably, different people were affected differently, for instance, unemployment affected men and they were desperate for work while children were forced to leave school and search for something to do so as to earn money for their family. Farmers were greatly affected because this period led to decrease in price in the prices of their crops and livestock and they still worked hard to produce more so as to pay their debts, taxes and living expenses. The period before this economic crisis, farmers were already losing money due to industrialization in cities and so most of them were renting their land and machinery. When the depression started, prices on food produced by farmers deflated leaving them incapable of making profit and so they stopped selling their farm products and this in turn affected the city dwellers that were unable to produce their own food. Undoubtedly, after the stock market crash, many firms declined and many workers were forced out of their jobs because there were really no jobs. Moreover, many people had no money to purchase commodities and so the consumer demand for manufactured goods reduced significantly. Sadly, individuals had to learn to do without new clothing. The prices dropped significantly leaving farmers bankrupt and as a result most of them lost their farms. Some farmers were angry and desperate proposing that the government should intervene and ensure that farm families remain in their respective homes. But again, farmers were better off than city dwellers because they could produce much of their own food. Many farm families had large gardens with enough food crops and in some families, women made clothes from flour and feed sacks and generally, these farm families learned how to survive with what they have and little money.

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Furthermore, the town and cities suffered too, for instance, as the factories were shutting down following the depression many industrial workers were left jobless. The life in the city was not easy as many individuals lived in overcrowded and unheated houses with poor sanitation. In addition, many firms closed and many individuals lost their jobs and had to deal with the reality of living in poverty. Town families were unable to produce their own food and so many city dwellers often went hungry during this period. During winter, they had hard times overcoming the cold because they had no money to buy coal to warm their houses. During the depression, the known role of women was homemaking because they had a difficult time finding jobs and so the only thing they were supposedly good at was preparing meals for their families and keeping their families together. Some women who managed to have jobs supported their families in overcoming this difficult time. Accordingly, many children were deprived their right to have access to quality education because many societies had to close down their schools due to lack of money. Some of them managed to be in schools but majority dropped out. More so, they suffered from malnutrition and those in rural areas were worse off because with the family’s low income, they were unable to purchase adequate nutritional food for all family members. Many children and even adults died from diseases and malnutrition (Gunderson 4). The minority groups in America especially the African American population who lived in rural areas working on the farms of white owners. Even though they lived in poverty, the Depression made the situation worse as their lived changed completely and remained extremely poor because the farmers they were working for had lost their land. All in all, many families struggled to leave on low incomes or no jobs with many children starving; lacked shelter and clothing as well as medical attention (Freedman 4).

In conclusion, the Great Depression was a tragic time in American history that left many people poor, unemployed or little pay, and children forced to work at a younger age. The Great Depression affected everyone from children to adults, farmers to city dwellers and so everyone’s lives changed drastically by the events experienced during this period. Many individuals were unemployed and remained desperate searching for better lives. In addition, children had no access to quality education as most of them left school and sadly they accompanied their mothers to look for work and search for a new life. However, some people particularly the employers and the wealthy were not affected during this period because they were protected from the depression with their position in the society.

Works Cited

Evans, Paul. “What Caused the Great Depression in the United States?” Managerial Finance 23.2 (1997): 15-24.

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Freedman, Russell. Children of the Great Depression. New York: Clarion Books, 2005. Print.

Gunderson, Cory G. The Great Depression. Edina, Minn: ABDO Pub, 2004. Internet resource.

Hall, Thomas E, and Ferguson J D. The Great Depression: An International Disaster of Perverse Economic Policies. Ann Arbor: University of Michigan Press, 1998. Internet resource.

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The Great Depression

“Regarding the Great Depression, … we did it. We’re very sorry. … We won’t do it again.” —Ben Bernanke, November 8, 2002, in a speech given at “A Conference to Honor Milton Friedman … On the Occasion of His 90th Birthday.”

In 2002, Ben Bernanke , then a member of the Federal Reserve Board of Governors, acknowledged publicly what economists have long believed. The Federal Reserve’s mistakes contributed to the “worst economic disaster in American history” (Bernanke 2002).

Bernanke, like other economic historians, characterized the Great Depression as a disaster because of its length, depth, and consequences. The Depression lasted a decade, beginning in 1929 and ending during World War II. Industrial production plummeted. Unemployment soared. Families suffered. Marriage rates fell. The contraction began in the United States and spread around the globe. The Depression was the longest and deepest downturn in the history of the United States and the modern industrial economy.

The Great Depression began in August 1929, when the economic expansion of the Roaring Twenties came to an end. A series of financial crises punctuated the contraction. These crises included a stock market crash in 1929 , a series of regional banking panics in 1930 and 1931 , and a series of national and international financial crises from 1931 through 1933 . The downturn hit bottom in March 1933, when the commercial banking system collapsed and President Roosevelt declared a national banking holiday . 1    Sweeping reforms of the financial system accompanied the economic recovery, which was interrupted by a double-dip recession in 1937 . Return to full output and employment occurred during the Second World War.

To understand Bernanke’s statement, one needs to know what he meant by “we,” “did it,” and “won’t do it again.”

By “we,” Bernanke meant the leaders of the Federal Reserve System. At the start of the Depression, the Federal Reserve’s decision-making structure was decentralized and often ineffective. Each district had a governor who set policies for his district, although some decisions required approval of the Federal Reserve Board in Washington, DC. The Board lacked the authority and tools to act on its own and struggled to coordinate policies across districts. The governors and the Board understood the need for coordination; frequently corresponded concerning important issues; and established procedures and programs, such as the Open Market Investment Committee, to institutionalize cooperation. When these efforts yielded consensus, monetary policy could be swift and effective. But when the governors disagreed, districts could and sometimes did pursue independent and occasionally contradictory courses of action.

The governors disagreed on many issues, because at the time and for decades thereafter, experts disagreed about the best course of action and even about the correct conceptual framework for determining optimal policy. Information about the economy became available with long and variable lags. Experts within the Federal Reserve, in the business community, and among policymakers in Washington, DC, had different perceptions of events and advocated different solutions to problems. Researchers debated these issues for decades. Consensus emerged gradually. The views in this essay reflect conclusions expressed in the writings of three recent chairmen, Paul Volcke r, Alan Greenspan , and Ben Bernanke .

By “did it,” Bernanke meant that the leaders of the Federal Reserve implemented policies that they thought were in the public interest. Unintentionally, some of their decisions hurt the economy. Other policies that would have helped were not adopted.

An example of the former is the Fed’s decision to raise interest rates in 1928 and 1929. The Fed did this in an attempt to limit speculation in securities markets. This action slowed economic activity in the United States. Because the international gold standard linked interest rates and monetary policies among participating nations, the Fed’s actions triggered recessions in nations around the globe. The Fed repeated this mistake when responding to the international financial crisis in the fall of 1931. This website explores these issues in greater depth in our entries on the stock market crash of 1929 and the financial crises of 1931 through 1933 .

An example of the latter is the Fed’s failure to act as a lender of last resort during the banking panics that began in the fall of 1930 and ended with the banking holiday in the winter of 1933. This website explores this issue in essays on the banking panics of 1930 to 1931 , the banking acts of 1932 , and the banking holiday of 1933 .

One reason that Congress created the Federal Reserve, of course, was to act as a lender of last resort. Why did the Federal Reserve fail in this fundamental task? The Federal Reserve’s leaders disagreed about the best response to banking crises. Some governors subscribed to a doctrine similar to Bagehot’s dictum, which says that during financial panics, central banks should loan funds to solvent financial institutions beset by runs. Other governors subscribed to a doctrine known as real bills. This doctrine indicated that central banks should supply more funds to commercial banks during economic expansions, when individuals and firms demanded additional credit to finance production and commerce, and less during economic contractions, when demand for credit contracted. The real bills doctrine did not definitively describe what to do during banking panics, but many of its adherents considered panics to be symptoms of contractions, when central bank lending should contract. A few governors subscribed to an extreme version of the real bills doctrine labeled “liquidationist.” This doctrine indicated that during financial panics, central banks should stand aside so that troubled financial institutions would fail. This pruning of weak institutions would accelerate the evolution of a healthier economic system. Herbert Hoover’s secretary of treasury, Andrew Mellon, who served on the Federal Reserve Board, advocated this approach. These intellectual tensions and the Federal Reserve’s ineffective decision-making structure made it difficult, and at times impossible, for the Fed’s leaders to take effective action.

Among leaders of the Federal Reserve, differences of opinion also existed about whether to help and how much assistance to extend to financial institutions that did not belong to the Federal Reserve. Some leaders thought aid should only be extended to commercial banks that were members of the Federal Reserve System. Others thought member banks should receive assistance substantial enough to enable them to help their customers, including financial institutions that did not belong to the Federal Reserve, but the advisability and legality of this pass-through assistance was the subject of debate. Only a handful of leaders thought the Federal Reserve (or federal government) should directly aid commercial banks (or other financial institutions) that did not belong to the Federal Reserve. One advocate of widespread direct assistance was  Eugene Meyer , governor of the Federal Reserve Board, who was instrumental in the creation of the  Reconstruction Finance Corporation .

These differences of opinion contributed to the Federal Reserve’s most serious sin of omission: failure to stem the decline in the supply of money. From the fall of 1930 through the winter of 1933, the money supply fell by nearly 30 percent. The declining supply of funds reduced average prices by an equivalent amount. This deflation increased debt burdens; distorted economic decision-making; reduced consumption; increased unemployment; and forced banks, firms, and individuals into bankruptcy. The deflation stemmed from the collapse of the banking system, as explained in the essay on the  banking panics of 1930 and 1931 .

The Federal Reserve could have prevented deflation by preventing the collapse of the banking system or by counteracting the collapse with an expansion of the monetary base, but it failed to do so for several reasons. The economic collapse was unforeseen and unprecedented. Decision makers lacked effective mechanisms for determining what went wrong and lacked the authority to take actions sufficient to cure the economy. Some decision makers misinterpreted signals about the state of the economy, such as the nominal interest rate, because of their adherence to the real bills philosophy. Others deemed defending the gold standard by raising interests and reducing the supply of money and credit to be better for the economy than aiding ailing banks with the opposite actions.

On several occasions, the Federal Reserve did implement policies that modern monetary scholars believe could have stemmed the contraction. In the spring of 1931, the Federal Reserve began to expand the monetary base, but the expansion was insufficient to offset the deflationary effects of the banking crises. In the spring of 1932, after Congress provided the Federal Reserve with the necessary authority, the Federal Reserve expanded the monetary base aggressively. The policy appeared effective initially, but after a few months the Federal Reserve changed course. A series of political and international shocks hit the economy, and the contraction resumed. Overall, the Fed’s efforts to end the deflation and resuscitate the financial system, while well intentioned and based on the best available information, appear to have been too little and too late.

The flaws in the Federal Reserve’s structure became apparent during the initial years of the Great Depression. Congress responded by reforming the Federal Reserve and the entire financial system. Under the Hoover administration, congressional reforms culminated in the  Reconstruction Finance Corporation Act and the Banking Act of 1932 . Under the Roosevelt administration, reforms culminated in the  Emergency Banking Act of 1933 , the  Banking Act of 1933 (commonly called Glass-Steagall) , the  Gold Reserve Act of 1934 , and the  Banking Act of 1935 . This legislation shifted some of the Federal Reserve’s responsibilities to the Treasury Department and to new federal agencies such as the Reconstruction Finance Corporation and Federal Deposit Insurance Corporation. These agencies dominated monetary and banking policy until the 1950s.

The reforms of the 1930s, ’40s, and ’50s turned the Federal Reserve into a modern central bank. The creation of the modern intellectual framework underlying economic policy took longer and continues today. The Fed’s combination of a well-designed central bank and an effective conceptual framework enabled Bernanke to state confidently that “we won’t do it again.”

• 1  These business cycle dates come from the National Bureau of Economic Research . Additional materials on the Federal Reserve can be found at the website of the Federal Reserve Bank of St. Louis.

Bibliography

Bernanke, Ben. Essays on the Great Depression . Princeton: Princeton University Press, 2000.

Bernanke, Ben, “ On Milton Friedman's Ninetieth Birthday ," Remarks by Governor Ben S. Bernanke at the Conference to Honor Milton Friedman, University of Chicago, Chicago, IL, November 8, 2002.

Chandler, Lester V. American Monetary Policy, 1928 to 1941 . New York: Harper and Row, 1971.

Chandler, Lester V. American’s Greatest Depression, 1929-1941 . New York: Harper Collins, 1970.

Eichengreen, Barry. “The Origins and Nature of the Great Slump Revisited.” Economic History Review 45, no. 2 (May 1992): 213–239.

Friedman, Milton and Anna Schwartz. A Monetary History of the United States: 1867-1960 . Princeton: Princeton University Press, 1963.

Kindleberger, Charles P. The World in Depression, 1929-1939 : Revised and Enlarged Edition. Berkeley: University of California Press, 1986.

Meltzer, Allan. A History of the Federal Reserve: Volume 1, 1913 to 1951 . Chicago: University of Chicago Press, 2003.

Romer, Christina D. “The Nation in Depression.” Journal of Economic Perspectives 7, no. 2 (1993): 19-39.

Temin, Peter. Lessons from the Great Depression (Lionel Robbins Lectures) . Cambridge: MIT Press, 1989.

Written as of November 22, 2013. See disclaimer .

Essays in this Time Period

• Bank Holiday of 1933
• Banking Act of 1933 (Glass-Steagall)
• Banking Act of 1935
• Banking Acts of 1932
• Banking Panics of 1930-31
• Banking Panics of 1931-33
• Stock Market Crash of 1929
• Emergency Banking Act of 1933
• Gold Reserve Act of 1934
• Recession of 1937–38
• Roosevelt's Gold Program

Federal Reserve History

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The great depression: causes, impacts, and recovery, introduction.

The Great Depression remains one of the most harrowing periods in American history, a time when the nation’s economic foundations trembled, societal norms were challenged, and government intervention in economy and society reached new heights. The crisis, which lasted from 1929 until the onset of the global conflict of World War II, was not merely an American phenomenon but one that rippled across the globe, yet its most profound effects were felt on the American soil. An investigation into the Great Depression is not only an inquiry into an economic downturn but a chapter in history that illustrates the resilience and adaptability of the American spirit.

This essay endeavors to dissect the multi-faceted nature of the Great Depression, examining its causes, the extensive impact it had on the American populace, and the eventual path to recovery. It paints a picture of the era’s hardship, but also of innovation and courage in the face of adversity. By understanding this dark period in American history, we gain insight into the country’s socio-economic evolution and prepare ourselves with the knowledge to prevent or mitigate similar future crises.

Historical Context

Before the descent into economic darkness, America experienced what is often referred to as the “Roaring Twenties,” a decade marked by remarkable technological advancements, new social freedoms, and a buoyant economy that seemed to defy limitations. Innovations like the assembly line and mass production revolutionized industry, while a surge in consumerism, fueled by easy credit, kept factories humming and the stock market soaring. Jazz music and the Charleston dance craze symbolized a society in the throes of modernity, casting off the restrictive mores of the past.

However, beneath the sheen of prosperity, there were troubling signs. The agricultural sector, still a significant part of the economy, began to struggle due to overproduction and falling prices. Income inequality was at an all-time high, with the richest Americans reaping a disproportionate share of the decade’s economic gains. These economic disparities, coupled with a highly speculative stock market, created an unstable financial situation. It was a speculative bubble that could only expand so far before bursting.

As the 1920s progressed, speculation became rampant, with many investors buying stocks on margin, paying only a fraction of the value and borrowing the rest, with the assumption that the market’s upward trajectory was a constant. This speculative bubble was precarious, and when confidence wavered, it led to a cascading series of events that would trigger the greatest economic depression of the 20th century. The stage was set for a downturn, but few could anticipate the breadth and depth of the crisis that would soon engulf the nation and the world.

Causes of the Great Depression

The descent into the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world, was not the result of a singular event, nor can it be attributed to a lone cause. It was a complex confluence of factors that coalesced into a perfect storm of economic calamity. This section explores the multi-dimensional causes that led to the Great Depression.

The Stock Market Crash of 1929

Historians often cite the cataclysmic stock market crash that began on October 24, 1929, known as “Black Thursday,” as the inaugural event of the Great Depression. The speculative bubble that had been building through the 1920s, predicated on unwarranted optimism and leveraged investments, finally burst. Over the course of a few days, the market lost a significant portion of its value. This drastic decline in stock prices eroded wealth, both actual and perceived, leading to a precipitous drop in consumer spending and investment.

Bank Failures and Financial Contagion

In the wake of the stock market crash, a wave of bank failures followed, beginning in 1930 and stretching across the decade. Without the safeguards of modern deposit insurance, panic ensued as customers rushed to withdraw their funds, only to find that banks, heavily invested in the stock market or into loans that could not be repaid, were unable to return their deposits. These banking collapses further exacerbated the already declining levels of consumer confidence and spending.

Decrease in Consumer Purchasing

The uncertainty and fear that gripped the nation had a chilling effect on consumer purchasing. As individuals lost their life savings and fear of unemployment spread, the natural reaction was to cut spending to a minimum. This retreat from consumption led to a reduction in the production of goods, further leading to a surge in unemployment, creating a vicious downward spiral as a result.

The Drought and Dust Bowl

Compounding the urban and industrial financial crises was an ecological disaster unfolding in the American heartland. A severe drought, beginning in 1930 and lasting for nearly a decade, devastated agricultural production in the Great Plains. Known as the Dust Bowl, this period saw massive dust storms that not only destroyed crops but also displaced hundreds of thousands of destitute farmers, adding to the migratory pressures and urban unemployment plaguing the cities.

International Trade and Protective Tariffs

The global nature of the depression was further deepened by trade policies. The enactment of the Smoot-Hawley Tariff in 1930, which raised tariffs on thousands of imported goods to record levels, prompted retaliatory tariffs from America’s trading partners. This tariff war contributed to a significant decrease in international trade, furthering the global economic decline and preventing the world economy from stabilizing or recovering.

Conclusion of Causes

In conclusion, the causes of the Great Depression were numerous and interconnected. The stock market crash stripped away wealth and confidence, bank failures destroyed the financial system’s stability, the reduction in consumer purchasing curtailed production and led to mass unemployment, and the Dust Bowl and poor trade policies exacerbated the situation. These factors combined to create an economic downturn that would challenge the very fabric of American society.

Social and Cultural Impacts

The Great Depression exacted a heavy toll not only on the economy but also on the social and cultural fabric of American society. The widespread hardship and poverty reshaped daily life, altered family dynamics, and led to significant changes in the country’s cultural landscape.

Unemployment and the American Worker

At the height of the Depression in 1933, the unemployment rate in the United States approached 25%, leaving one in four workers without a job. The psychological and material impact of this massive unemployment was profound. Men, traditionally the breadwinners in the family, faced the demoralizing reality of being unable to provide for their households. This led to a range of social problems, including increased rates of malnutrition, illness, and strained family relationships.

Migration and the Search for Work

The economic pressures of the Dust Bowl, combined with the overall lack of jobs, instigated a significant internal migration within the United States. Thousands of families, particularly from Oklahoma, Texas, and neighboring states, referred to as “Okies,” traveled westward to California and other states, seeking work and better living conditions. These mass movements of people altered the demographics and social structures of many communities.

Hoovervilles and Shantytowns

The widespread homelessness caused by the Depression led to the creation of shantytowns, derogatorily named “Hoovervilles” after President Herbert Hoover, who was widely blamed for the economic downturn. These makeshift communities, constructed of cardboard, tar paper, glass, lumber, and other scavenged materials, became a common sight across America’s cities.

The Changing American Family

The strain of the Great Depression had significant effects on the American family. Marriage rates declined, as did birth rates. Many young people delayed marriage and starting a family due to economic instability. Gender roles within the family shifted as well, with some women entering the workforce to help make ends meet, challenging the traditional view of the male as the sole provider.

Cultural Expression During Hard Times

The harsh realities of the Depression were reflected in the era’s cultural expressions. Literature, music, and visual arts echoed the despair, resilience, and hope of the American people. Works like John Steinbeck’s “The Grapes of Wrath” captured the plight of the dispossessed and the indignities of poverty. Folk and blues music gave voice to the suffering and hardships faced by the common folk, with artists like Woody Guthrie becoming the musical chroniclers of the era.

Social Unrest and Political Radicalization

The economic desperation led to increased social unrest, with a rise in strikes, protests, and the radicalization of politics. Organizations such as the Communist Party USA gained members, and socialist ideas became more popular as people searched for alternatives to the failing capitalist economy.

Conclusion of Social and Cultural Impacts

In conclusion, the Great Depression left an indelible mark on American society. The widespread suffering led to fundamental changes in family dynamics, prompted significant internal migration, and fostered a cultural climate rich with artistic expression born from adversity. The era shaped a generation and redefined the country’s social and cultural landscape, the effects of which are still discernible today.

Government Response

The Great Depression required an unprecedented response from the United States government. The initial reaction under President Herbert Hoover was widely viewed as insufficient, but the election of Franklin D. Roosevelt in 1932 marked a significant shift in the federal government’s role in economy and welfare.

Hoover’s Policies

President Hoover, who took office in 1929, the year the crisis began, was initially reluctant to intervene drastically in the economy. He held the view that federal aid should be handled at the local level and that the government should not step in to prop up wages or prices. However, as the Depression worsened, Hoover began to implement some measures, such as the Reconstruction Finance Corporation (RFC) to provide emergency funding to banks, life insurance companies, and railroads.

The New Deal

With the election of Roosevelt, a new approach was introduced, known as the New Deal. The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Roosevelt between 1933 and 1939. It included initiatives such as the Civilian Conservation Corps (CCC), the Public Works Administration (PWA), and later, the Works Progress Administration (WPA), which aimed to provide immediate relief through job creation.

Social Security Act

One of the cornerstones of the New Deal was the Social Security Act of 1935, which provided a safety net for the elderly, the poor, and the sick. The act established unemployment insurance and aid to families with dependent children as well.

Banking Reforms

To stabilize the financial system, the Roosevelt administration implemented a series of banking reforms, including the Emergency Banking Act, which declared a four-day bank holiday, allowing banks to get their affairs in order to prevent insolvency. The Glass-Steagall Act was also passed to separate commercial and investment banking, reducing the risk of future collapses.

Agricultural Adjustments

The Agricultural Adjustment Act (AAA) was enacted to provide relief to farmers by reducing production to raise prices. Though initially successful in raising agricultural prices, it was not without controversy, as it displaced many tenant farmers and sharecroppers.

The Second New Deal

In response to continuing economic struggles and criticism, Roosevelt launched the Second New Deal in 1935, which focused on more extensive social welfare benefits, stricter controls over business, stronger support for unions, and higher taxes on the wealthy.

Long-term Impacts of the New Deal

The New Deal fundamentally changed the relationship between the government and the American people. It led to the establishment of a range of social safety nets and regulatory bodies intended to prevent future economic crises of this magnitude. While the New Deal did not end the Great Depression, it did alleviate some of the worst of its hardships, and many of its programs and reforms had lasting impacts on the nation.

Conclusion of Government Response

In conclusion, the government response to the Great Depression, particularly under the leadership of Franklin D. Roosevelt, represented a radical shift in the way the federal government interacted with the economy and addressed social issues. This response was characterized by a wave of new legislation and public works projects that not only aimed to provide immediate relief but also sought to reform the economic system and prevent future depressions.

The Great Depression and the Arts

The Great Depression had a profound impact on the arts in the United States. As the nation grappled with economic hardships, artists of all types captured the struggles, resilience, and life during these trying times. This period saw the emergence of significant cultural works and a new level of government involvement in the support of the arts.

Visual Arts and Government Support

Under the New Deal, the Works Progress Administration (WPA) established the Federal Art Project, which funded artists to create murals, paintings, and sculptures for public buildings. This initiative not only provided employment to artists but also aimed to boost national morale and bring art into everyday life. Artists like Thomas Hart Benton and Grant Wood portrayed the everyday lives of Americans, their work often reflecting the social realities and hardships of the time.

Literature as Social Commentary

The era’s literature often provided a critique of society and a voice for the downtrodden. John Steinbeck’s “The Grapes of Wrath” and “Of Mice and Men” addressed the plight of the poor and the migrant workers. Meanwhile, Zora Neale Hurston’s “Their Eyes Were Watching God” examined the African American experience in the South during this period.

Theatre and Performances

Theatre thrived as a form of escapism and social commentary. The Federal Theatre Project, another WPA program, produced plays that entertained while addressing social issues such as poverty and injustice. Notable productions like “The Cradle Will Rock” discussed the struggles of the working class and criticized the growing power of corporations and the wealthy.

Music as Reflection and Relief

Music during the Great Depression served both as a reflection of the tough times and a form of solace. Jazz, blues, and folk were especially popular, with artists like Billie Holiday and Woody Guthrie using their music to address social issues and express the mood of the nation.

Photography Documenting Reality

Photographers such as Dorothea Lange and Walker Evans worked for the Farm Security Administration to document the Depression’s impact. Their poignant images of displaced families and struggling farmers became iconic representations of the era, highlighting the human cost of the economic collapse.

Hollywood’s Golden Age

Despite—or perhaps because of—the economic hardships, the 1930s are often considered the Golden Age of Hollywood. The film industry provided an escape from the grim realities of daily life. Movies like “Gone with the Wind” and “The Wizard of Oz” became cultural landmarks that offered a sense of hope and adventure.

Conclusion of The Great Depression and the Arts

In conclusion, the Great Depression left an indelible mark on the American arts scene. With the federal government’s support, artists were able to produce work that not only served to document and provide commentary on the era but also offered a form of escape and comfort to a beleaguered populace. These contributions have since become a crucial part of America’s cultural heritage, reflecting a time of great adversity and the resilience of the human spirit.

Economic Recovery and the End of the Great Depression

The path to economic recovery from the Great Depression was long and arduous. It involved a combination of New Deal reforms, shifts in economic policy, and the onset of global circumstances that would ultimately lead to the end of the economic downturn in the United States.

Fiscal Policy Changes

The shift towards Keynesian economics, which advocated for increased government expenditures to counteract economic downturns, was a fundamental change in fiscal policy during this period. The Roosevelt administration, though initially conservative in its spending, began to increase government investment in the economy, leading to modest improvements in employment and production.

Industrial Mobilization and World War II

Arguably, the most significant boost to the American economy came with the advent of World War II. The need for military supplies and the reinstatement of the draft absorbed a large part of the labor force, substantially reducing unemployment. Factories that had lain dormant during the Depression sprang to life as the United States ramped up production to meet the demands of the war, facilitating a return to full employment and increased industrial output.

Shifts in Monetary Policy

Monetary policy also played a critical role in recovery. The United States’ departure from the gold standard in 1933 allowed for a more flexible monetary policy, which helped to stabilize the banking system and increase liquidity in the economy. This, in turn, facilitated investment and spending.

International Trade and the End of Isolationism

As the United States emerged from its isolationist stance in the late 1930s and early 1940s, increased international trade also contributed to the recovery. The Lend-Lease Act of 1941 allowed the U.S. to supply Allied nations with goods and services, further stimulating American industry.

The Impact of the New Deal Revisited

While the New Deal had provided immediate relief to many Americans, its long-term economic impact was a subject of debate. However, the structural reforms and social programs initiated during the 1930s laid the groundwork for a more robust and resilient economy that could support the wartime and postwar booms.

Postwar Prosperity

Following the end of World War II, the United States experienced an era of significant economic growth and prosperity. The GI Bill, a lasting piece of New Deal-inspired legislation, provided education and housing benefits for returning veterans, facilitating their reintegration into a peacetime economy that was more diversified and dynamic than the pre-Depression economy.

Conclusion of Economic Recovery and the End

In conclusion, the end of the Great Depression was the result of a multifaceted approach that included government intervention, industrial mobilization for war, and shifts in economic policy. The recovery was slow, and it took nearly a decade and a global conflict to fully achieve it. Nevertheless, the foundations laid during the Depression for economic management and social welfare would influence American policies and economic thought for generations to come.

The Great Depression remains one of the most profound events in American history, leaving an indelible mark on the nation’s collective memory. It was a period characterized by immense economic hardship, widespread unemployment, and profound social and cultural shifts. Yet, it was also a time of remarkable resilience, innovation, and change.

Through the examination of its causes, we have seen how a confluence of factors such as stock market speculation, banking failures, and flawed economic policies combined to trigger the worst economic downturn in modern history. The Depression’s social and cultural impacts were vast, influencing everything from family dynamics and societal roles to creative expressions in the arts. It challenged traditional values, provoked new forms of social activism, and brought about significant changes in American culture and lifestyle.

The role of the U.S. government, particularly under the leadership of President Franklin D. Roosevelt, was transformative. The New Deal marked a new era in federal involvement in the economy, providing relief, recovery, and reform through a series of bold and controversial programs. While not without its critics, the New Deal reshaped the relationship between the American people and their government, laying the groundwork for the modern welfare state.

The Great Depression and its aftermath also led to profound changes in economic thought and policy. The disaster spurred innovations in monetary and fiscal policy, influenced international trade policies, and led to the establishment of institutions and regulations intended to prevent such a crisis from recurring. It also served as a catalyst for economic recovery and growth, particularly as the nation mobilized for World War II, which would ultimately bring an end to the economic hardship of the 1930s.

In the arts, the Depression sparked a creative explosion that both reflected the struggles of the time and offered an escape from them. Works of literature, visual arts, theatre, music, and film from the era continue to resonate today, standing as testaments to the enduring human spirit in the face of adversity.

In the wake of the Great Depression, the United States emerged as a changed nation. The economic policies and institutions that were created in response to the crisis have shaped the economic landscape for decades. The experiences of those who lived through it fostered a greater sense of shared purpose and contributed to the unity and resolve that the nation would draw upon in the years to come, particularly during World War II and the postwar era.

As we look back on the Great Depression, it serves not only as a cautionary tale about the excesses and inequities that can lead to economic collapse but also as a story of hope, resilience, and the capacity for renewal. It is a period that underscores the importance of adaptability, the value of social and economic safety nets, and the critical role of government in mitigating the impacts of financial crises. The lessons learned from the Great Depression continue to inform our policies and our societal values, reminding us of the importance of vigilance and preparedness in ensuring economic stability and prosperity for future generations.

Class Notes on Causes and Effects of the Great Depression

• Overproduction
• Laissez Faire policies that left the economy unregulated
• Over speculation on the stock market
• Decline in foreign trade

While we have spoken about the 20’s as a time of great prosperity, it was a tad deceptive. Problems lie under the surface that would not be dealt with by the conservative administrations of Harding, Coolidge and Hoover.

The Great Depression did not begin in 1929 with the fall of the over inflated stock market. In fact the Depression began ten years earlier in Europe. As the depression raged on in Europe American’s believed they would be immune to its effects. Isolationist sentiments and conservative doctrine held that the less we had to do with Europe the better. As a result American polices never addressed the possibility of the United States entering a depression as well. Actually American policies actually contributed to our entry into the depression.

The early warning signs first came in the agricultural sector. Farmers continued to produce more and more food due to technological advances like the tractor. As production grew farm prices dropped. It was simply a matter of supply and demand. Framers reacted in the traditional manner and boosted production even further. Prices plummeted. Farmers began to default on their loans and the banks foreclosed. To make matters worse the central part of the nation was hit with a terrible drought. Farmers were devastated. The drought turned that portion of America into what was called “ The Dustbowl .”

In the 1920’s American economic policy was laissez faire. Businesses were left alone and for sometime things appeared to fine. American businesses reported record profits, production was at an all time high. The problem was that while earnings rose and the rich got richer, the working class received a disproportionally lower percentage of the wealth.

This uneven distribution of wealth got so bad that 5% of America earned 33% of the income. What this meant was that there was less and less real spending. Despite the fact that the working class had less money to spend businesses continued to increase production levels.

Purchasing dropped internationally as well. Since Europe was in a depression people there weren’t buying as much as businesses had estimated. Then the Fordney McCumber Tariff and the Hawley Smoot Tariff raised tariff levels to as much as 40%. Europe which was already angered at US foreign actions responded with high tariffs of their own. International trade was at a standstill.

At this point you should be asking the question “If no one buying and companies were increasing production levels, wasn’t there going to be a problem?” BINGO!!! The problem is known as overproduction . American businesses were producing far more than could be consumed. The result was lost profits and eventually debts. After a while many companies went out of business. Why would these companies continue to overproduce? There are several reasons. Some were managed poorly. Others were part of holding companies that placed layers and layers of companies, each relying on the others production levels like a pyramid. If one company in the pyramid reported lower production levels the others fell off and it looked bad. In many cases however crooked company owners reported earnings that were higher than they were actually were in order to drive up the stock price.

As a result of World War I America had emerged as the worlds leading creditor nation. Foreign powers owed the United States and its companies about a billion dollars annually. With declining trade in America, a demand for reparation from the United States and the continuing European depression this  debt went unpaid .

Throughout this period of time Americans (and it seems this included Harding, Coolidge and Hoover.) Truly felt they would be prosperous forever. They didn’t see or were unwilling to see the warning signs. With this confidence Americans began to increasingly invest in the stock market. The market began an unprecedented rise in 1928. By September 3 rd  1929 the market reached a record high of 381. Then the decline began. Many didn’t think it would last but on October 24 th  panic selling began as 12.8 million shares changed hands. Then came  Black Tuesday , October 29 th 1929. The market plummeted. By July the Dow reached a low of 41.22. Millions upon millions of dollars had been lost. Many who had bought on margin (credit) had to pay back debts with money they didn’t have. Some opened up the windows and jumped to their deaths. The depression had arrived.

Banks that had invested heavily in the stock market and real estate lost their depositors money. A panic  ensued as people lined up at the banks to get their money.  unfortunately for many the money just wasn’t there. As the amount of  money in circulation dropped deflation hit. Money was worth more but there was  little money to be had. The fed which had the power to put more money  into circulation did nothing (laissez faire). Workers were fired as  thousands of businesses closed down. Unemployment rose to  25-35%. In Toledo Ohio  fully 80% of the workers were unemployed! Real estate investments  flopped because with deflation a building that was once worth ten  million was now worth five. The mortgage and debt stayed the same but  the income was gone. Banks foreclosed on loans and took possession of  worthless properties that nobody could afford to buy. Between 1930  and 1932 over 9000 banks failed.

With all of this there Hoover announced to Americans that they should “stay the course” that the ship would right itself. After all, Hoover was a self made man, a rugged individualist. By the time Hoover recognized he had to do something it was too little and much too late.

Frequently Asked Questions about the Great Depression

The Great Depression was the result of a multitude of factors, each compounding the severity of the economic decline. One primary cause was the stock market crash of October 1929, which wiped out thousands of investors and eroded public confidence. However, the crash was just the tipping point following a decade of economic imbalance where the wealth gap was significantly widened by policies that favored the rich, and consumer spending was driven by credit rather than actual financial power.

The agricultural sector had already been suffering due to a decline in commodity prices and an overproduction crisis. This was exacerbated by poor land management practices that led to the Dust Bowl, further destabilizing rural economies. Banking failures were another major cause, as bank runs and the subsequent collapse of financial institutions wiped out savings and constricted the flow of money through the economy.

International trade also suffered due to protectionist policies, such as the Smoot-Hawley Tariff Act of 1930, which placed heavy taxes on imports, leading to a decline in trade volume and retaliatory measures from other countries. Lastly, a failure of leadership and policy to address these issues early on allowed the crisis to deepen, with the Federal Reserve failing to stabilize the banking system and the government initially reluctant to intervene significantly in the economy.

The Great Depression brought about unprecedented hardship for the American populace. Unemployment soared to around 25%, leaving families without steady incomes. This led to a widespread inability to afford basic necessities such as food, clothing, and shelter. Soup kitchens, bread lines, and Hoovervilles (shantytowns named derisively after President Hoover) became common sights.

The lack of economic security put a strain on family life. Many men, traditionally the breadwinners of their households, found themselves unable to support their families, which led to a sense of shame and despair. Some abandoned their families in search of work elsewhere, while the roles within the household often shifted, with women and children increasingly contributing to the family income.

The psychological impact of the Depression was also significant, with many Americans suffering from stress-related illnesses and mental health issues due to financial strain and uncertainty. Education was disrupted as schools faced closures and shortened academic years due to budget cuts, affecting literacy and career prospects for a generation of young Americans.

Despite the hardships, the Depression also fostered a sense of community and solidarity among many Americans, who banded together to help one another through charity, barter systems, and cooperative living arrangements.

The Dust Bowl was a severe environmental disaster that occurred during the 1930s in the American and Canadian prairies, at the same time as the Great Depression. It was characterized by a series of dust storms caused by prolonged periods of drought and decades of extensive farming without crop rotation, fallow fields, cover crops, or other techniques to prevent erosion. The loose, dry, topsoil was picked up by the winds and resulted in massive dust storms that blackened skies and damaged the agricultural capacity of the region.

This environmental catastrophe exacerbated the economic struggles of the Great Depression, particularly for farmers. As crops failed and farms became untenable, many agrarian families were forced to leave their land in search of work in other parts of the country, notably California. These migrants, often called “Okies” because so many came from Oklahoma, faced intense competition for jobs, discrimination, and difficult living conditions.

The Dust Bowl highlighted the vulnerabilities in agricultural practices and the need for sustainable farming methods. In response, the U.S. government instituted a range of new policies and programs designed to promote soil conservation and support farmers, changing the face of American agriculture and aiming to prevent such a disaster from occurring again.

The end of the Great Depression is largely attributed to the economic boom caused by World War II. The war effort led to a massive increase in industrial production as the United States became the “Arsenal of Democracy” for the Allied powers. The mobilization for war created millions of jobs, reinvigorating industries that had been dormant during the Depression and effectively ending widespread unemployment.

The U.S. government’s fiscal policies changed dramatically during the war. Expenditures increased substantially to fund the war effort, significantly boosting economic activity. The New Deal programs of the 1930s also laid the groundwork for recovery by providing relief to the unemployed, reforming financial systems, and investing in public infrastructure, although these alone were not sufficient to end the Depression.

Furthermore, the war brought about profound changes in the labor market. As men joined the military, women entered the workforce in unprecedented numbers, which not only supported the war economy but also led to shifts in social attitudes about gender roles and employment.

In essence, the economic demands of World War II necessitated an increase in production and labor that the Depression’s idle factories and unemployed workers could meet, thus pulling the United States out of the economic downturn. The post-war period then cemented the recovery, as returning soldiers contributed to a robust consumer economy, and policies like the GI Bill fostered educational opportunities and home ownership.

The Great Depression had a devastating impact on the global economy. It was not solely an American phenomenon; the economic downturn was felt worldwide. After the stock market crash in the United States, a wave of financial instability spread through Europe and beyond. Many countries were already struggling with the debts incurred during World War I and were reliant on American loans and investments, which dried up as the U.S. economy contracted.

International trade suffered significantly due to a combination of shrinking markets and protectionist tariffs like the United States’ Smoot-Hawley Tariff, which caused global trade to plummet. This led to a reduction in production and a sharp rise in unemployment around the world. Countries that were part of the gold standard found themselves unable to devalue their currencies to deal with the crisis, which worsened the deflationary spiral.

The economic distress contributed to political instability in many countries, leading to the rise of extremist movements, most notably the National Socialists in Germany. The economic conditions created by the Depression are often cited as factors that led to World War II, as countries sought ways to reinvigorate their economies through militarization and territorial expansion.

The Bonus Army was a group of 43,000 demonstrators – made up of 17,000 U.S. World War I veterans, together with their families and affiliated groups – who gathered in Washington, D.C., in mid-1932 to demand early cash redemption of their service certificates. These certificates were a form of bonus that had been promised to them for their service during World War I, to be paid in 1945.

The Bonus Army’s occupation of Washington represented the desperation and unrest felt by many Americans during the Depression. The veterans were struggling to make ends meet and saw the promised bonus as a lifeline. Their peaceful protests and encampments were met with a harsh response from the government, which included the use of cavalry, infantry, tanks, and tear gas to disperse the veterans – an action that led to widespread public outrage.

The clash highlighted the failure of the federal government to address the needs of the people adequately and represented the growing demand for more direct relief and economic reform. It also served as a catalyst for later legislation under the Roosevelt administration to provide more immediate support to struggling Americans.

The Great Depression had a profound effect on American politics, leading to a significant shift in the relationship between the government and the governed. The perceived failure of President Herbert Hoover’s administration to adequately address the crisis contributed to the landslide election of Franklin D. Roosevelt in 1932.

Under Roosevelt, the federal government took on a much more active role in the economy and the welfare of the people through the implementation of the New Deal, a series of programs, public work projects, financial reforms, and regulations. This period saw the creation of many institutions and policies that are still in place today, including Social Security, federal insurance of bank deposits, minimum wage laws, and the Securities and Exchange Commission (SEC) to regulate the stock market.

The political ideology in the country shifted from a preference for limited government to an expectation that the government should play a substantial role in economic stabilization and social welfare. This change laid the foundation for the modern American political landscape and shaped the policy debates that continue to this day.

Some of the key New Deal programs included the Civilian Conservation Corps (CCC), which provided jobs in environmental conservation; the Works Progress Administration (WPA), which created a variety of public works projects; the Tennessee Valley Authority (TVA), which aimed to modernize the region with electricity and flood control; and the Social Security Act, which established a system of old-age benefits, unemployment insurance, and welfare for the disabled and needy families.

The success of these programs is a matter of historical debate. Critics argue that they expanded federal power beyond its constitutional limits and did not end the Depression. Proponents, however, contend that the New Deal offered critical relief to millions of Americans and was instrumental in reforming the nation’s financial systems to prevent future depressions.

Economically, while the New Deal helped to lower unemployment and stimulate economic activity, it was not until the industrial mobilization of World War II that the Depression truly ended. Nevertheless, the New Deal’s social programs had a lasting positive impact, providing a safety net for the vulnerable, transforming the American landscape with new infrastructure, and reshaping the role of the federal government in the lives of Americans.

The Great Depression Essay

• February 7, 2023

The Great Depression Essay Example

Introduction

The Great Depression was a defining moment in the history of the United States and the world, characterized by a widespread economic crisis that lasted from 1929 to 1939. The Great Depression had far-reaching and long-lasting effects, not only on the economy but also on society and politics. This period of economic hardship and uncertainty led to widespread poverty and unemployment, as well as major changes in government policies and social programs. Despite being over 80 years ago, the Great Depression continues to be studied and analyzed by economists and historians, who seek to understand its causes, effects, and lessons for future generations.

Body Paragraphs

One of the key debates among economists regarding the Great Depression is whether it was caused by internal factors, such as overproduction and the failure of the banking system, or by external factors, such as the failure of the international monetary system and the collapse of world trade. Regardless of the specific cause, it is widely agreed that the Great Depression was a complex and multi-faceted event, with a range of contributing factors and consequences.

The human toll of the Great Depression was significant, with millions of people losing their jobs, homes, and savings. The economic crisis led to a sharp decline in consumer spending, as people struggled to make ends meet, and businesses were forced to cut back on production. This led to a vicious cycle of declining economic activity, further job losses, and reduced consumer spending, which ultimately resulted in the longest and deepest economic depression in modern history.

The impact of the Great Depression was felt not only in the United States, but also in many other countries around the world. In Europe, the depression led to a rise in political extremism and the collapse of democratic governments, as well as increased tensions between nations. In the United States, the Great Depression led to major changes in government policies and social programs, including the creation of the New Deal, which aimed to provide relief, recovery, and reform for the American people.

Despite the efforts of the government and the private sector to end the Great Depression, it was not until the onset of World War II that the economy finally began to recover. The massive government spending on military production and supplies, as well as the mobilization of the American workforce, led to a surge in economic activity and a significant increase in employment.

While the Great Depression is often remembered as a dark chapter in the history of the United States and the world, it is also a reminder of the resilience and determination of the human spirit. Despite facing seemingly insurmountable challenges, people continued to work and support one another, and the country eventually emerged from the crisis stronger and more united.

In conclusion, the Great Depression was a complex and multi-faceted event, with far-reaching and long-lasting effects on the economy, society, and politics. While the causes of the Great Depression remain the subject of debate among economists, its impact on millions of people around the world cannot be denied. Through the lessons of the Great Depression, we can better understand the importance of sound economic policies and the role of government in supporting the well-being of its citizens.

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Cause and Effects of The Great Depression

Introduction.

The great Depression took place in America during the 1920s and its effects were unprecedented as it caused poverty and suffering upon the society.

Many believe that that the depression was caused by the U.S. stock-market crash that took place in 1929. Nonetheless, there is no consensus on its cause as other factors are also acceptable. The economic devastation of the 1920s led to the Great Depression and brought a tragedy for the whole society.

Causes of The Depression

Many causes have been put forward to explain the causes of the great Depression over which the economists have disagreed. However, one thing that cannot be disputed is that the Depression had major impacts upon the country and the lives of people.

Crash of stock market

The crash of the stock market in 1929 ushered in the Great Depression. The capital in America was represented by stocks. There were easy-money policies that caused the stocks prices to go very high and this led to a big speculation that made people invest all their money in the stock market.

Eventually, the price of the stocks went down sharply and people started selling their stocks in panic. The number of stocks available for sale was higher that the number of people willing to buy and eventually the market crashed (Great Depression, 2008).

Uneven distribution of prosperity

The 1920s saw the American economy rise but the prosperity was unevenly distributed and the farmers as well as the untrained laborers were largely excluded. It therefore led to the nation having a greater production capacity and could not match in consuming the products.

Moreover, the policies of the Republican administration in regards to war-debts and tariff had led to a decline in market for the American goods (Great Depression, 2008).

Effects of The Depression

The effects of the Great Depression were felt both at home and abroad. No one escaped its reeling effects. For example, countries in Europe were affected greatly as their economies were hit hard. In Germany, the economic blow led to social dislocation that is alleged to have played a major role bringing Adolf Hitler to power (Great Depression, 2008).

Unemployment

When the Great Depression set in many people lost their jobs. The unemployment levels rose as many factories closed and up to about 16 million people had lost their jobs between 1932 and 1933 (Great Depression, 2008). The Great Depression compares to the economic recession that took place in 2007 in American and its effects felt on a global scale.

For instance, the following words by president Obama show the similarities “Even though economists may say the recession officially ended last year, obviously for the millions of people who are still out of work… it’s still very real for them” (Hill, 2010).

Massive poverty

Consequently, job losses and loss of money in the stock market the people fell into massive levels of poverty. The people did not have a source of income and suffered a great deal. The country’s economy suffered too” The gross national product declined from the 1929 figure of $103,828,000,000 to $55,760,000,000 in 1933” (Great Depression, 2008, par. 2).

The suffering led economic hardships as well as physical, emotional, emotional and cognitive sufferings to the people because the Depression was a big tragedy hence they exhibited signs that people going through other crises exhibit (Barr, 2005).

The Great Depression led to untold suffering to millions of Americans as well as the devastation of the country’s economy. The effects extended to other countries as well due to international trade just as it happened during the recent economic down turn. No country is in isolation and its activities affect other countries too even if they do not have a hand in causing the problems.

It therefore follows that countries must take precautions to prevent an event like the Great Depression by learning its causes as well as its effects in order to minimize future damage or suffering in case of a similar tragedy.

Reference List

Barr, J.G. (2005). Predicting and Managing Crisis Behavior.

Great Depression. (2008). Retrieved from EBSCOhost database.

Hill, P. (2010). Recession over a year, but recovery not felt . The Washington Times . P1, 1. Web.

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IvyPanda. (2023, December 11). Cause and Effects of The Great Depression. https://ivypanda.com/essays/cause-and-effects-of-the-great-depression/

"Cause and Effects of The Great Depression." IvyPanda , 11 Dec. 2023, ivypanda.com/essays/cause-and-effects-of-the-great-depression/.

IvyPanda . (2023) 'Cause and Effects of The Great Depression'. 11 December.

IvyPanda . 2023. "Cause and Effects of The Great Depression." December 11, 2023. https://ivypanda.com/essays/cause-and-effects-of-the-great-depression/.

1. IvyPanda . "Cause and Effects of The Great Depression." December 11, 2023. https://ivypanda.com/essays/cause-and-effects-of-the-great-depression/.

Bibliography

IvyPanda . "Cause and Effects of The Great Depression." December 11, 2023. https://ivypanda.com/essays/cause-and-effects-of-the-great-depression/.

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The Great Depression was the longest and most severe financial crisis in the history of the United States, lasting from 1929 until 1939. Even though the recent financial crisis has been termed as the second worst, it pales in comparison to the Great Depression in which unemployment rate exceeded 20 percent at its highest point. Industrial production declined by 47 percent and the real GDP fell by 30 in the U.S. between the peak and trough of the depression. Even though the depression was triggered by a decline in aggregate demand but numerous factors contributed towards its severity including stock market crash, bank panics, and monetary contraction (Romer).

The stock market crash of 1929 has been widely credited as the starting point of the Great Depression. As people lost investments, their uncertainty regarding the future increased. They responded by scaling back their spending activities including purchase of durable goods. The firms also responded to declining demand by suspending their capital investments. This resulted in real GDP falling rapidly in late 1929 and throughout the 1930 (Romer).

As the aggregate demand in the U.S. fell, it also led to decrease in the prices of the goods and services. This is because quantity demanded and price has a positive relationship. Because the nominal wages didn’t decline as much as the general price levels, the real wages of the workers grew and labor became a more expensive factor of production. Faced with a declining demand, the manufacturers could not afford expensive labor and thus, they responded by cutting their workforces (Bernanke). As unemployment rose, it put even greater downward pressure on the consumption activities.

Another reason was the loss of confidence in the banks as a consequence of stock market crash as well as Federal inaction on the failing banks. The bank runs resulted in loss of bank reserves such as gold and currency etc. which means the bank could not provide any more loans. This resulted in contracting money supply which negatively affected both the consumption activities by the consumers as well as the investing activities by the businesses (Wheelock). Falling consumption and investing activities meant falling GDP and lower demand for labor force.

The Fed also made the matters worse by pursuing a contractionary monetary policy. Modern economics has come to the conclusion that decreasing interest rates is a better strategy to spur growth during struggling times and this is how the Fed has dealt with the recent financial crisis and how it acted in the wake of internet bubble bust. But Fed raised interest rates during the Great Depression which made borrowing even more expensive and further reduced consumption and investing activities. It also hurt consumption in another way. The public and the businesses came to expect deflation in the future due to declining price levels which further discouraged them from borrowing. This is because they expected their incomes to fall in the future (Romer).

Thus, it is apparent to some extent that the Great Depression occurred due to inappropriate government response to the crisis which also happened because our understanding of Macroeconomics was still in its infancy. The Great Depression continues to be a topic of intense research and the lessons from the Great Depression have helped us a repeat of a crisis of a similar magnitude. The U.S. government has become a lot better at financial crisis management and is more willing to intervene in the markets when the circumstances demand.

Bernanke, Ben S. “The Macroeconomics of the Great Depression: A Comparative Approach.” Journal of Money, Credit and Banking February 1995: 1-28.

Romer, Christina D. “Great Depression.” Encyclopaedia Britannica 20 December 2003.

Wheelock, David C. “An Overview of the Great Depression.” St. Louis: Federal Reserve Bank of St. Louis, 2007.

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The Great Depression Essay

The students learn about the events that led to the stock market crash, the concerns of the Depression, and the effects of the New Deal programs on the American people and the American economy. While reading and discussing these important issues in American History, the students choose an original Depression photograph [primary source] and create a story using historical facts. The project is one week in duration. A scoring guide and handout are utilized.

1. The student will conduct research using primary and secondary sources. 2. The student will write an essay using the provided format and criteria. 3. The student will present his/her work to class an an oral presentation.

Missouri Standards

Goal 1.2 Conduct research to answer questions and evaluate information and ideas. Goal 1.4 Use technological tools and other resources to locate, select, and organize information. Goal 2.1 Plan and make written, oral and visual presentations for a variety of purposes and audiences.

Kansas Standards

Benchmark 2: The student uses a working knowledge and understanding of individuals, groups, ideas, developments, and turning points in the era of the Great Depression through World War II in United States history (1930-1945).

The student:

1. (A) analyzes the causes and impact of the Great Depression (e.g., overproduction, consumer debt, banking regulation, unequal distribution of wealth).

2. (A) analyzes the costs and benefits of New Deal programs. (e.g., budget deficits vs. creating employment, expanding government: CCC, WPA, Social Security, TVA, community infrastructure improved, dependence on subsides).

3. (A) analyzes the debate over expansion of federal government programs during the Depression (e.g., Herbert Hoover, Franklin Delano Roosevelt, Alf Landon, Huey Long, Father Charles Coughlin).

Benchmark 3: The student writes technical text using the writing process.

1. Develops a technical text focused on one main purpose. (Ideas and Content: prewriting, drafting, revising: N,E,T,P)

2. Clearly defines the main idea with selection of concise, logical details that meet the reader’s informational needs. (Ideas and Content: prewriting, drafting, revising: N,E,T,P)

3. Analyzes and understands implications and consequences of plagiarism (e.g. ethical, legal, professional). (Ideas and Content: prewriting, drafting, revising: N,E,T,P)

4. Cites references for all sources of information and includes summarized and paraphrased ideas from other authors. (Ideas and Content: prewriting, drafting, revising: N,E,T,P)

5. Constructs a bibliography with a standard style of format (e.g. MLA, APA, etc.). (Ideas and Content: prewriting, drafting, revising: N,E,T,P)

6. Applies appropriate strategies to generate technical text (e.g. brainstorming, listing, webbing, working in pairs or cooperative groups, identifying information from print sources). (Organization:prewriting, drafting, revising: N,E,T,P)

7. Organizes information within each section, paragraph, list, or graphic in a logical and effective sequence to meet the reader’s informational needs. (Organization: prewriting, drafting, revising: N,E,T,P)

8. Composes a comprehensive piece with a constructive introduction, a relevant or sequential body, and a suitable conclusion. Organization: prewriting, drafting, revising: N,E,T,P)

9. Uses appropriate transitions to connect ideas within the piece (e.g. enumerated lists, bullets, headings, subheadings, complex outlining elements). (Organization: prewriting, drafting, revising: N,E,T,P

• http://www.infoplease.com/
• http://www.yahoo.com
• http://www.yahooligans.com
• Images in the Farm Security Administration-Office of War Information Collection (Library of Congress) America at the Crossroads - Great Photographs From the Thirties, Edited by Jerome Prescott, Smithmark, New York, 1995. American Odyssey, Gary Nash, Glencoe, New York, 1994. Highlights in American History, Grace Kachaturoff, Schaffer Publications, Torrance, California, 1995. Life During the Great Depression, Dennis Nishi, Lucent Books, San Diego, 1998.

The students will study the chapters on the Great Depression and Roosevelt’s New Deal using the school text American Odyssey. The class will read the text, complete guided readings, and study these issues while reading articles from Roosevelt’s Presidency and readings from Highlights in American History. The Depression Essay Project will be introduced during this unit. The use of primary sources and the need to access various Internet sources will enhance the learning process. Each student will choose a photograph from sources to include the KC Public Librarv Special Collection. The students can chose a photograph from the collections of Margaret Bourke-White or Dorothea Lange. Government archives have numerous photographs from the Depression. Additional historical information will be found by accessing Yahoo , Searchopolis , and Information Please Almanac. The students will gain additional knowledge about FDR by using the Project WhistleStop Web Site. After completing the research, the student will follow the format of the essay. The time frame will be distributed in order for the student to organize his/her time and information. A class period in the computer lab will be made available to the class. Each student will have the opportunity to share his/her insights in the form of an oral presentation.

DEPRESSION ESSAY

MAKE YOUR PHOTOGRAPH COME ALIVE!

In this project students will describe the life of a person or persons who suffered hardship and desperation during the Great Depression. The students will choose an authentic photograph from the Great Depression, which can be found using various resources. Students will describe the picture and give an identity to the person(s) in the picture and explain how the depression affected their life/lives. If a photograph is chosen without people, the students will create a person or family who lives [had lived] at the site. [The teacher will show several examples.] In addition, the student will explain how FDR’s New Deal helped restore, or did not restore, the lives of the individuals. A picture of the photograph must accompany the essay and its source documented. It is required that the students use proper mechanics and a five-paragraph essay format to tell this story. The format is as follows: Paragraph 1 This is a general paragraph that is interesting and captures the reader’s attention. Paragraph 2 This is the time to introduce the person [sl in the photo. Who is this? Where do/did they live? What was their life[s] like before the Depression? Paragraph 3 What was the Great Depression? Why did it occur? Explain how this person [s] was affected, and how the individual[s] came to be in the state as shown in the photograph. Paragraph 4 Explain what the New Deal was and how specific programs helped the person[s] in your photo. If there were negative aspects discuss and be specific. Paragraph 5 This is the conclusion of the essay. Describe what happened to the person[s] in the photograph. Describe lessons learned and/or how life[s] changed for this person[s].  

THIS IS THE TIME TO SHOW YOUR CREATIVE REPORTING TALENTS!

A scoring guide will be used to assess each student. The student will receive a copy of the scoring guide at the beginning of the project and a detailed explanation of the requirements of the project.

DEPRESSION ESSAY SCORING GUIDE

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Essay On The Great Depression

Type of paper: Essay

Topic: United States , Business , Great Depression , Social Issues , Poverty , Banking , Money , Economics

Words: 1600

Published: 12/13/2019

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Introduction

Great Depression has been an unforgettable historical event that led the people of America to experience a big hole of nightmarish misery and poverty. It has been one of the most significant economic events that highlights the 20th century, as foretold by Graham, J. R. Banks had been closed, stock markets had been crashed that later inflicted the significant loss of people’s savings and money—their primary way of survival. From a single, big blow in the economy, a wide-range of variables were greatly affected, leading to a massive recession of economy that later arose into depression throughout the land. This single, big blow in the economy, which was the root cause of this tragic economic event, was actually the decline of the primary supplies of the people brought about by the war, thus later result to severe and complicated poverty in the country. An immeasurable and countless reasons had brought out this unsightly incident that no one could even imagine and dream about. Looking back through the history of Great Depression, following World War I, people experienced massive damages. According to Robert, J. (2012), it’s about an ‘American Story with global side effects’, such that America acts as the primary banker of the world during those times.

The Great Depression

Considering those times when prices are greatly increased during the war, Britain was heavily affected and weakened, thus having difficulty in stabilizing the economy of the World. Europe avoided to pay loans and to buy products from America. They couldn’t perform the task to keep their market open and available so those trades among countries can maintain a stable exchange rate. The trouble that lies in here is that there are so many countries that were no longer able to avail and afford the costly welfare expenses that they have (Robert, J., 2012). There were even cases where some nations had already over-borrowed resources, which is why those who had not yet experienced it avoid that same fate. This heavily affected the trade. There were imbalances. Improper and faulty strategic, economic ideas people had believed and trusted follows. Stock Market speculation was one of these, leading to stock market crash. People lost almost everything they have because of this. Most notable stock market crash is on 1929. The Dow Jones Industrial Average dropped almost 40 per cent (from 327 to 199) that spans from October 23 to November 13. This happened when everyone was igniting to own and have part of the stock market, but the matter is, they lack the money to be able to do so. So what they did was to borrow money, and bought tremendously overpriced stock, that in actuality, worth nothing at all. In the end they lost their money. But not only them! The people who they borrowed the money from also incurred a loss, since they we’re not being paid back. During those times debts had been written in amounts of fixed dollar, which is why deflation (falling prices, wages, profits) made it much harder for people like the farmers, the businessmen, and households to repay loans. American Farms were soon devastated financially. Farmers were not able to make any money from their crops and products. They were even losing more than $1.50 per acre of land they planted. According to Robert, J. (2009), from 1929 to 1933, the prices for wheat, corn, and other products from the farm plummeted to 54 per cent; and those for building materials even fell at 25 per cent. Considering that there were giant dust storms that added to the destruction of their fields, farmers were left with no choice but to lose their farms with no money at all. Increasing taxes also seemed to be of no significant effect in combatting the increasing debts of the people. In the study of Graham, J. R., they suggest that either changes nor regulations in tax policy that were designed to limit debt biases in the land, there were only but little effect on the usage and solvency of debt. When almost all the investors had been unable to pay their debts to the banks, the banks, in turn, lost all of its money as a consequence. Everyone came to retrieve and withdraw their cash from their respective banks. The problem is, the banks don’t have enough money available to entertain those withdrawals anymore. In the study conducted by Robert, J. (2012) he cited that Friedman and Schwartz claimed that it is the Federal Reserve failed to rescue and revive the banking system. From 1929 to 1933, almost 24,970 banks (more than two-fifths of the nations) disappeared because of failure or because of merger. The bank deposits and the circulation of currency, which are basically the money supply of the nation dropped by a third. What is ironical about it is that the very purpose why the congress was created is to backstop the banking system of the land in 1913. Economics is soon trickled down. Trickled-down economics comes from the idea that, as you give more money to the wealthy and rich people, more money would also be brought to the poor people, since rich people would establish a company that would hire those poor people and work for them. However, a bad turn of events happened, when what actually occurred is that, instead of hiring men, these wealthy proprietors and business men bought machines to do the work for them. Thus, this strategy was a big failure. There was also overproduction of supplies that happened, thanks to the companies which bought so many equipment to make things go faster and so that they could do mass production of goods. Now, instead of hiring laborers for the job, too many products had been made. Too many products became classified as surplus, since there are no enough people to buy all of the goods produced. Although they can already fast operations, it’s just that there were not enough people to consume their products, losing their hard-earned money in the process. All that they had spent for their products were put to waste. A seemingly domino-effect then had happened. Just from these things, dreadful effects followed as consequences: people became unemployed. From 1930 to 1939, the U.S. unemployment rate averaged 14 per cent; the peak rate, in 1932, was 23 per cent (Robert J, 2012). The longest period of unemployment in America was noted to last for 19 months as seen in the early 1980’s. Other places in the world also suffered from having the same fate—unemployment issues. Unemployment among industrial workers in United Kingdom had even reached up to 21 per a year earlier. In Germany, it even hit up to 44 per cent. As bad as how it looked, the Congress did not even consider federal unemployment insurance only until 1935 (Robert, J., 2012) As people became unemployed, massive poverty began to spread in the land. 34 million people, who has no source of income due to being unemployed, became really poor, that was almost more than 60% of people during those time that were officially considered and rendered as to living in poverty. Poverty led to homelessness. With no jobs and source of a living, almost two million people who basically have no home and walked almost everywhere looking for work. The towns start to put up signs signifying and telling these people to go away and don’t come near their place. These people with no home to live in are not only adults-- children were also a part of them. The great depression in America (started and dated in the late 1929) finally ended on the eve of World War II. The very reason it ended was the creation of new jobs needed for the building of weapons that the soldiers might need for their fights. At the end of World War II, the United States of America became the world’s most powerful country because of the creation of the nuclear missiles.

The Great Depression indeed was a living nightmare to all the people. But to think more about it, the great depression was actually a result and consequence of the greed and desire of people. A single war would turn out to be the destruction of the supplies; with which would later result to the inability of the country to maintain proper balance in trade and industry in economics. As foretold by Robert, J. (2012), “The Depression couldn't end until people changed their beliefs and behavior--a lengthy and tortuous process, because people cling to what's familiar”. Still giving off their pride and greed to bring things more fortunate in their way, they ended up being in poverty. Reckless ways of handling their situations, and continuing their belief to uphold the money that they initially think can help them rise from the ground, they eventually failed. Although fortunately, America was able to rise up, the key to all of it is to analyze things two steps ahead. People should start to think what the consequences of their actions should be.

Works Cited

Graham, J. R. et al (2011) Financial Distress in the Great Depression. Samuelson, R. J. et al (2012) Revisiting the Great Depression.

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Home — Essay Samples — History — The New Deal — The Great Depression And The New Deal

The Great Depression and The New Deal

• Categories: American History Great Depression The New Deal

About this sample

Words: 1240 |

Published: Feb 8, 2022

Words: 1240 | Pages: 3 | 7 min read

Works Cited

• The American Yawp: A Free and Online, Collaboratively Built American History Textbook. Edited by Joseph Locke and Ben Wright (Stanford: Stanford University Press, 2019). [License: CC BY-SA 4.0]. (accessed 10 November 2019).
• Herbert Hoover. “On the New Deal and Liberty”, Official Report of the Proceedings of the 21st Republican National Convention, 1936, pp. 115-19, 122-24. (accessed 10 November 2019).
• Fireside Chat 6: On Government and Capitalism (September 30, 1934) . Authored by: Franklin D. Roosevelt. Provided by: The American Presidency Project. Located at: http://www.presidency.ucsb.edu/ws/?pid=14759. License: Public Domain: No Known Copyright. (accessed 10 November 2019).

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History Grade 11 - Topic 2 Essay Questions

Essay Question:

To what extent did Roosevelt’s New Deal succeed in mitigating the negative effects of the Great Depression in USA in the 1930’s?  Present an argument in support of your answer using relevant historical evidence. [1]

Introduction:

On 29 October 1929 (also known as “Black Tuesday”), the United States (US) stock market crashed which initiated the Great Depression. [2]   After winning the US elections and taking office in 1933, President Franklin D. Roosevelt sought to bring economic relief to the US during the 1930’s by implementing a series of reforms and restructures in what he called the ‘New Deal’. [3]   Although the ‘New Deal’ succeeded somewhat in relieving economic situations on a macro-level, the “New Deal”, in the long run, is considered a failure as it did not ultimately succeed in what it was set out to do, which was to recover the economy from its “depressed state”. [4]   This statement will be discussed by analyzing the two phases of the “New Deal”, as well as discussing the effects of some of the relief, recovery and reform programs implemented.

The First Hundred Days

When analyzing the legacy of the “New Deal”, it is important to understand that there were two phases of the deal, namely the “First New Deal” and the “Second New Deal”.  The First New Deal consisted mainly of the first three months of Roosevelt’s presidency and is referred to as the “hundred days”. [5]   Within the first hundred days, various relief programs such as the “Federal Emergency Relief Administration” (FRA), the “Civilian Conservation Corps” and the “Agricultural Adjustment Act” were implemented in order to create employment opportunities for Americans as well as providing some extent of economic relief for struggling citizens. [6]

Another significant program that was implemented during the hundred days, was the “National Industrial Recovery Act” (NIRA).  This recovery act allowed working Americans to unionize and in a sense bargain for better working conditions, as well as wages. [7]   Roosevelt felt that a significant part of the recovery process will come from decreasing competition through using set prices, wages and commodities. [8]   Mixed reviews came from the implementation of these recovery acts, as many felt that corporate heads were being disadvantaged by the state, and in some instance some corporations felt as though their competition became the US government itself. [9]   However, on the larger part, many felt that the hundred days and the “First New Deal” was relatively successful as it was marked by a decrease in unemployment and the stabilization of US banks.

The Second New Deal

In 1935, Roosevelt decided that the New Deal should take a more aggressive approach in the attempt to diminish the Great Depression. [10]   This phase is known as the Second New Deal.  One of the more prominent acts implemented was the “Social Security” Act which provided the elderly and widowed people with some financial support, allowed some unemployment and disability compensation and set a framework or minimum wages and maximum work hours. [11]   Furthermore, the “Works Progress Administration” (WPA) was implemented to provide the unemployed with opportunities in the public sector.  These opportunities included building bridges, schools and roads. [12]   To some extent, the Great Deal built a platform for more financial security and opportunity for the American citizens during the onslaught of the Great Depression with its housing, employment and financial interventions. [13]

Criticism of the New Deal

When analyzing some of the programs and acts implemented by the Great Deal, one also has to mention points of criticism.  One of the more popular points of criticism stems from the “interventionalist” and anti-competitive nature of the New Deal. [14]   Larger companies and the Supreme Court also felt that some of the reform initiatives were unconstitutional and did not go through the right channels to implement reform acts. [15]   However, with this criticism in mind, the main reason why the New Deal was deemed unsuccessful, is simply because it did not achieve what it set out to do.  The American economy and employment rates did not recover enough for the New Deal to have remedied the effects of the Great Depression.  Rather, American entrance into the Second World War stimulated more economic growth than the New Deal. [16]

Therefore, one could say that the New Deal mitigated the effects of the Great Depression to an extent where it improved the employment rate from 25% of 1933 to 17% in 1939. [17]   One could also say that some of the relief and reform acts were deemed successful as some of them, such as the Social Security Act, still remains today. [18]   The New Deal also led to a, albeit short-lived, coalition between “white working people, African Americans and left-wing intellectuals”. [19]   Many also argue that the New Deal built a surface for the future economy of America post-World War Two. [20]   However, with regards to the mitigation of the Great Depression itself, the New Deal ultimately did not succeed in ending the Great Depression and its effects.

This content was originally produced for the SAHO classroom by Sebastian Moronell, Ayabulela Ntwakumba, Simone van der Colff & Thandile Xesi.

[1] National Senior Certificate.: “Grade 11 November 2017 History Paper 1 Exam,” National Senior Certificate, November 2017.

[2] M, Johnston.: “The Economic Effects of the New Deal,” Investopedia [online].  Accessed 20 March 2021 ( https://www.investopedia.com/articles/investing/011116/economic-effects-new-deal.asp ).

[3] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[4] Johnston, M.: “The Economic Effects of the New Deal,” Investopedia [online].  Accessed 20 March 2021 ( https://www.investopedia.com/articles/investing/011116/economic-effects-new-deal.asp ).

[5] Britannica, T. Editors of Encyclopaedia.: “New Deal,” Encyclopedia Britannica [online].  Accessed on 20 March 2021 ( https://www.britannica.com/event/New-Deal ).

[6] Fiorillo, S.: “What were the New Deal Programs and what did they do?” The Street [online].  Accessed on 24 March 2021 ( https://www.thestreet.com/politics/new-deal-programs-14861940 ).

[7] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[8] Fiorillo, S.: “What were the New Deal Programs and what did they do?” The Street [online].  Accessed on 24 March 2021 ( https://www.thestreet.com/politics/new-deal-programs-14861940 ).

[9] J. Green.: “The New Deal:  crash Course US History #34,” Crash Course [YouTube Online].  Accessed on 23 March 2021 ( https://www.youtube.com/watch?v=6bMq9Ek6jnA&t=380s ).

[10] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[11] Britannica, T. Editors of Encyclopaedia.: “New Deal,” Encyclopedia Britannica [online].  Accessed on 20 March 2021 ( https://www.britannica.com/event/New-Deal ).

[12] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[13] D.M. Kennedy.: “What the New Deal Did,” Political Science Quarterly, (124), (2), 2009, pp. 265-267.

[14] M, Johnston.: “The Economic Effects of the New Deal,” Investopedia [online].  Accessed 20 March 2021 ( https://www.investopedia.com/articles/investing/011116/economic-effects-new-deal.asp ).

[15] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[16] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[17] Johnston, M.: “The Economic Effects of the New Deal,” Investopedia [online].  Accessed 20 March 2021 ( https://www.investopedia.com/articles/investing/011116/economic-effects-new-deal.asp ).

[18] Fiorillo, S.: “What were the New Deal Programs and what did they do?” The Street [online].  Accessed on 24 March 2021 ( https://www.thestreet.com/politics/new-deal-programs-14861940 ).

[19] History.  Editors of History.: “New Deal,” History [online].  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).

[20] D.M. Kennedy.: “What the New Deal Did,” Political Science Quarterly, (124), (2), 2009, p. 267.

• Britannica, T. Editors of Encyclopaedia.: “New Deal,” Encyclopedia Britannica [online], January 2021.  Accessed on 20 March 2021 ( https://www.britannica.com/event/New-Deal ).
• Fiorillo, S.: “What were the New Deal Programs and what did they do?” The Street [online].  Accessed on 24 March 2021 ( https://www.thestreet.com/politics/new-deal-programs-14861940 ). 
• Green, J.: “The New Deal:  Crash Course US History #34,” Crash Course [online].  Accessed on 24 March 2021 ( https://www.youtube.com/watch?v=6bMq9Ek6jnA&t=391s ).
• History.  Editors of History.: “New Deal,” History [online], November 2021.  Accessed 20 March 2021 ( https://www.history.com/topics/great-depression/new-deal ).
• Johnston, M.: “The Economic Effects of the New Deal,” Investopedia [online], January 2021.  Accessed 20 March 2021 ( https://www.investopedia.com/articles/investing/011116/economic-effects-new-deal.asp ).
• Kennedy, D.M.: “What the New Deal Did,” Political Science Quarterly, (124),(2), 2009, pp. 251-268.

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