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Submitted by tman1289 on December 12, 2006
Category: American History
Words: 650 | Pages: 3
Views: 196
Popularity Rank: 39,689
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The Great Depression (1929-1941)
In the roaring 1920s, the United States bathed in previously unheard of prosperity. Industry and agriculture alike profited from a thriving economy.
However, the economy began to slow down in 1928, and the trend continued in 1929. Agricultural prices slipped, as a result of production surpluses and a downturn in business activity.
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On October 24, 1929, dubbed Black Thursday, the stock market crashed. Prices began to decline early in the day, triggering a selling panic in the New York Stock Exchange (NYSE). The crash in the market spelled disaster for the national economy because corporations with heavy investments faced a sudden and almost overwhelming shock to their assets. Investing froze and as a result, the national economy fell into an unprecedented period of depression.
The recovery in the US began with the strategic thinking of one man�The inauguration of President Roosevelt. Roosevelt had no idea what he was to do, either. But he did have a conviction that he could do something important. So was born the strategy of the New Deal involving the following facets:
? Try everything you can think of to cure the depression
? Drop and abandon the things that do not seem to be working
? Push the things that do seem to be working.
The two initial planks of the New Deal were the abandonment of the gold standard with an attempt to force the dollar price of gold and other commodities up. The second was the National Industrial Recovery Act with its explicit aim of keeping competition from pushing wages and prices down.
These two broke the expectation of further deflation such that the end of deflation caused a mini industrial boom. Thereafter output slowly increased and unemployment slowly...
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