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Submitted by jstrub on December 5, 2005
Category: American History
Words: 2378 | Pages: 10
Views: 232
Popularity Rank: 32,653
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The Great Depression
The Great Depression is the worst economic period in the U.S history. This didn’t just affect the United States of American, but the entire industrialized world. Historians may say that the Great Depression started in the late 1929, but it really started years earlier. There are many reasons way the Great Depression came about. One of the main causes was the great unequal distribution of wealth throughout the county. This wealth was spread through out the rich and middle class. This unequal spread was seen in the industry and agriculture section of the economy. This imbalance of money created an unstable economy. When the market crashed, American economy capsized along with the other industrialized nations.
In the twenties the nation income rose from $74.3 billion in 1923 to $89 billion in 1929. The 1920’s were known as the “roaring twenties” because of the tremendous prosperity of the wealth of the nation. The rewards of the twenties were not spread equally to all Americans. A good example is the automotive industry giant Henry Ford. Ford had a personal income of $14 million in the same year that the average American personal income was $750. Using present day numbers, where the average yearly income is around $18,500. Today, Ford would have earned $345 million. This lead to the spread of the rich and the middle class to even grew throughout the 1920’s. While the average American income raised at 9% from in the 1920’s, those with income in the top 1% increased 75%.
One of the main reasons for this gap between the wealth and the middle to lower class was the increase in manufacture. In the twenties the output of a worker increased 32%, while the average wage increase was only 8%. With the wage increase being at one fourth of the output increase lead to production cost to fell. In the mean time the price for the product remained level. This meant there was extra profit in each sale. This profit went to the corporation...
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