Life After the Great Depression
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Life during the Great Depression
The Great Depression was a recession that had affected every globalizing country. It started in 1929 with the Stock Market Crash, and it lasted throughout the 1930s. It caused many economic downturns. Unemployment and homelessness increased dramatically. Construction halted; farmers suffered and didn’t make a profit; mining and logging declined because there was no demand for it.
The cause of the Great Depression are said to be many. But here are a few reasons such as the stock market crash in October 1929. This was said to be the beginning, but economist believed that this would have caused just another recession. Many countries debts were raised as well as its citizen’s debts. The central bank saw this increasing debt in each country so they decide to pull the paper money out of the system by any means necessary, and they reduced the production of paper money. Businesses could renew their loans, and new business couldn’t get loans at all to invest in their businesses.
Life during the Great Depression was horrible. When the stock market crashed, millions of people lost their jobs. They were not prepared because they thought the economy doing great. Many had huge debt because the purchased valuable asset with credit. In other words, they lived beyond