The Great Depression

Introduction

America has not always been on the road of success and development since its inception. It fought its way through all the rough patches during the journey of development. It was the enduring capability of American nation that enabled them to stand back on their feet and regain the strength after every tragedy and disaster, let it be economical, political or natural, and they continue to do so. The Great Depression is also America's one of the biggest economical downfalls, which resulted in mass-level unemployment.

History/Causes of the Great Depression

The dark period of economy dawned on America on October 29th, 1929, when the most lucrative sector, the stock market, which for decades had ensured the quickest and simplest way to become rich, fell prey of bankruptcy (McElvaine, p. 36). The crash of stock market thrust America in the state of utter hopelessness and despair. There was no hope of recovery for the stock market to rise again after the crash; the nation was in a dreadful state. Investors in the endeavor of sparing themselves from further demolition and devastation were trying their best to sell all stock, but all they lacked were buyers.

Major Events of the Great Depression

The sole reason of the Great Depression was not just crash of stock market; it was just the beginning of the events which would thrust America in to hopelessness even more. The next victim in the crisis was the banking sector. As it is obvious that the stock market was the center of investments for all, likewise even the banks had invested large amounts of the clients' saving in the stock market; following the crash, several banks who had invested in the stock market were coerced to shut. This sudden closure of leading banks disseminated the panic amongst ...