The Cause of the Great Depression

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Causes of the Great Depression

The Great Depression was the most intense and long-lasting economic decline in the history of the Western industrialized world. Countries such as the United States and Great Britain suffered from unemployment numbers in the millions and from falling world trade. Many people lost their jobs, lifesavings, and homes as industries failed. Although the most common belief is the Stock Market Crash of 1929 caused the Great Depression, bank failures and the passage of the Smoot-Hawley Act lead to the Great Depression.
The Stock Market Crash on October 29, 1929 began a series of unfortunate events. The United States and Europe were not ...

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after the stock market crashed, banks began to fail. Unfair business practices allowed wealthier patrons to withdraw their deposits, but others were not as fortunate. As a result, those who were unable to withdraw their deposits lost all of their savings, and surviving banks were not as willing to give out loans. America's bank crisis deepened. By 1933, 140 billion dollars was lost through bank failures.
Because businesses were failing, the United States government created the Smoot- Hawley Tariff. The Smoot- Hawley Tariff raised United States tariffs on over twenty thousand imported goods; however, the Smoot-Hawley Tariff was counterproductive and prolonged the Great Depression. Great Britain and other foreign nations ceased trade with the United States. As a result, United States' imports from Europe drastically decreased in 1929 from a high of 1.33 billion dollars to 390 million dollars. The Smoot-Hawley Tariff had an egregious effect on the American economy.
The ...

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"The Cause of the Great Depression." Essayworld.com. March 19, 2016. Accessed December 14, 2017. http://www.essayworld.com/essays/The-Cause-of-the-Great-Depression/105490.
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PAPER DETAILS
Added: 3/19/2016 12:38:11 PM
Submitted By: Markesiakc
Category: Economics
Type: Premium Paper
Words: 374
Pages: 2

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