The Causes of the Great Depression

Romer, Christina D.

Financial crises were traditionally referred to as "panics", most recently the major , and the minor , though the 1929 crisis was called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression, the term "The Great Depression" was already used to referred to the period 1873–96 (in the United Kingdom), or more narrowly 1873–79 (in the United States), which has retroactively been renamed the .

The term "The Great Depression" is most frequently attributed to British economist , whose 1934 book is credited with formalizing the phrase, though Hoover is widely credited with popularizing the term, informally referring to the downturn as a depression, with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement" (December 1930, Message to Congress), and "I need not recount to you that the world is passing through a great depression" (1931).

A number of works for younger audiences are also set during the Great Depression, among them the series of books written by and illustrated by , released to tie in with the dolls and playsets sold by the company. The stories, which take place during the early to mid 1930s in , focuses on the changes brought by the Depression to the titular character's family and how the Kittredges dealt with it. A theatrical adaptation of the series entitled was later released in 2008 to positive reviews. Similarly, , part of the series of books for older girls, take place in 1930s ; while is told in a third-person viewpoint, is in the form of a fictional journal as told by the protagonist Minnie Swift as she recounts her experiences during the era, especially when her family takes in an orphan cousin from Texas.

Causes and Effects of the Great Depression

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Recovery from the Great Depression in U.S

Since the beginning of the Industrial Revolution early in the nineteenth century the United States ad experienced recessions or panics at least every twenty years. But none was as severe or lasted as long as the Great Depression. Only as the economy shifted toward a war mobilization in the late 1930s did the grip of the depression finally ease.

Effects of the Great Depression

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Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot-Hawley tariff act at least worsened the Great Depression. Most historians and economists partly blame the American (enacted June 17, 1930) for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average rate of duties on dutiable imports for 1921–25 was 25.9% but under the new tariff it jumped to 50% during 1931–35. In dollar terms, American exports declined over the next four (4) years from about $5.2 billion in 1929 to $1.7 billion in 1933; so, not only did the physical volume of exports fall, but also the prices fell by about 1/3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber.

141 Great Depression Essays: 1 - 25

According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, Great Britain and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including . This partly explains why the experience and length of the depression differed between national economies.


Great Depression Free Essays 1 - 25

Every major currency left the gold standard during the Great Depression. Great Britain was the first to do so. Facing on the and depleting , in September 1931 the ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets.

1) Why did the Great Depression start

The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and a monetary contraction first hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and the domestic price level to decline ().

Great Depression Academic Essay - Write My Essay

According to this view, the of the Great Depression was a global over-investment in heavy industry capacity compared to wages and earnings from independent businesses, such as farms. The proposed solution was for the government to pump money into the consumers' pockets. That is, it must redistribute purchasing power, maintaining the industrial base, and re-inflating prices and wages to force as much of the inflationary increase in purchasing power into . The economy was overbuilt, and new factories were not needed. Foster and Catchings recommended federal and state governments to start large construction projects, a program followed by Hoover and Roosevelt.

Free Essays regarding Great Depression for ..

Two economists of the 1920s, and , popularized a theory that influenced many policy makers, including Herbert Hoover, , , and . It held the economy produced more than it consumed, because the consumers did not have enough income. Thus the unequal throughout the 1920s caused the Great Depression.