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I have to write a 5 page paper about the great Depression, and I have to have 5 sources of reference to go along with this, Help

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I have to write a 5 page paper about the great Depression, and I have to have 5 sources of reference to go along with this, Help
Answered Same Day Dec 22, 2021

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David answered on Dec 22 2021
121 Votes
INTRODUCTION:
The Great Depression was the greatest depression to hit USA until date, as per macroeconomists. This is probably due to its length,( in terms of the no of years that it persisted) as well as its severity of its effects on the entire economy. For these reasons, it is most analysed and debated topics in macroeconomics. It serves as rallying point for economists of different ‘schools’ to present their own analysis of the causes, effects and remedies to the events that constitute the depression years. One of the most influential economists- Keynes owes his importance and rise to his analysis of the Depression and his remedies to the associated problems.
The Depression originated in 1929 and lasted till 1940s. The exact date of its end is not specified, except that it was
ought to an end by the First World War. No sector of the economy was left untouched by the Depression. We start with the list of events that constituted and contributed to the Depression. This is followed by the causes behind these events and finally, we do an analysis of how it could have been avoided. The last part looks at different schools of thought that proffer their analysis and remedies to the problems of those times.
EVENTS OF THE DEPRESSION:
The Crash of the Stock Market
The 1920s were a time of prosperity for USA. Incomes were rising and people were investing in stocks. The crash of the New York Stock Exchange on Black Tuesday - October 29, 1929 risked the savings as well as investments made by banks, using savings of their customers. The effect was so large that the crash is synonymous with the Depression, as the start date is considered to be the date the exchange crashed. Within 2 months after October, stockholders had lost almost $40 billion dollars. While the exchange recovered by the 1930 ended, the investors never regained their lost stock value. No economic agent was untouched by this fall in value- banks and individual stockholders were both the losers. As banks lost their investments in shares, they were near bankruptcy as jittery customers flocked to withdraw money from their savings accounts. This massive outflow of funds forced banks to close down, as they had no funds to repay the customers. In this process, even those who did not invest in the stock market directly were pulled into the cesspool of falling value of investments. The problems were scaled up, as businesses lost their share investments or their funds that were parked in bank accounts. This led to reduction in the output they could produce and workers were laid off. The loss of jobs added to the woes of average person reeling under bankruptcies and loss of share values.
The decline in purchasing power and credit trap:
As workers grappled with unemployment and loss of savings, they were unable to repay their equated monthly instalments for all goods bought by them earlier. This further dried up the flow of expected funds to firms, making it more difficult for them to stay afloat. As goods were repossessed, the inventory levels began to rise. The unemployment rate touched a high of 25% which led to a snowballing effect of all events during that time.
Agriculture sector:
Unlike earlier Depressions where farmers were spared as they could feed off their own produce and not go hungry/ remain unemployed, the year of 1929 saw a drought and huge dust storms. This was the culmination of over exploitation of grass lands. The erosion of...
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