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Developments Of The Modern Day - College Paper

Developments Of The Modern Day


OUTLINE THE MOST IMPORTANT CAUSES OF THE GREAT DEPRESSION. PROVIDE APPROPRIATE EVIDENCE TO ILLUSTRATE THE SCALE OF THE GREAT DEPRESSION IN ADVANCED NATIONS
The Great Depression was the largest economical disaster ever to have happened. Unlike World War One, fifteen years earlier, the great depression had an astronomical effect world wide. The economist Hobsbawm (1995) describes the depression as ‘the world’s largest earthquake’ in economical terms. Indeed the effect of this global economical demise was immense. There are numerous reasons that led to and caused the Great Depression, but undoubtedly the biggest contributor of the slump came in 1929 when the American stock market crashed. The ...

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we can consider a normal economy. Most economies experience a ‘Boom and Bust’ cycle, where economies fluctuate between times of prosperity and times of recession. The economist Maynard Keynes believed these cycles would occur roughly every seven years (1). However, the Great Depression was more than a normal recession and nearly saw the end of the Capitalist system, as we know it. None of the capitalist economies had predicted it, and none of their businessmen were prepared for it. Karl Marx had believed that these cycles were a pattern leading to the ultimate destruction of Capitalism. It was infact a Russian economist, N.D.Kondratiev who predicted a large economic downturn, by looking at economies over a larger time scale or ‘Wave’ (A). However the capitalist economists dismissed his claims.
On the 28th of October 1929, a day now known as Black Tuesday, the American stock market collapsed
A) N.A.Kondratiev had studied economic cycles over larger periods of time. He measured ...

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so bad, sixteen and a half million shares changed hands (4). The price of shares plummeted, and more shares changed hands. The price of shares fell by such a substantial amount that there were no buyers at any given price level. Billions of dollars worth of shares became nothing more than bits of paper. In one day, the US market which had flourished, although artificially (b), during the 1920s collapsed into economic frailty. The repercussions of this crash were devastating.

In the US alone, millions of jobs were lost and thousands of businesses were declared bankrupt. The problem was simple. During the so called prosperity in the 1920s, millions of people bought cars and other such ...

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PAPER DETAILS
Added: 11/24/2004 07:12:07 PM
Category: World History
Type: Premium Paper
Words: 1710
Pages: 7

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