The Great Depression causes were in economic system that produced a great disparity of wealth, overextension of credit both home and abroad and the government’s unwillingness to relieve the plight of farmers. An irresponsible that led to the Great Depression was the mishandling of credit for consumer products. The Consumer credit help hide this fundamental weakness, the low wages earned by most Americans drove down demand over time consumer credit was invented in the 1929. Since credit was knew Americans saw it was shiny American people ended up taking too much credit they would get huge loans and wouldn't be able to pay them back with the money they made 80% of consumer products like furniture they would get a lot of loans which never would be fully repaid leaving bank companies and investors with huge losses. Another act that led to the Great Depression was lowering the taxes on the rich. They thought it would increase jobs which meant more money and they thought the left-over money would have the people with low income benefit business that people would invest to expand production.
Even before the Great Depression, most Americans lived at or near poverty level surviving month to month. Roosevelt established the New Deal and expanded the federal government by initiating relief, recovery, and reform measures the New Deal did not end the depression and left minorities and left the rural and urban poor and still suffering. The majority of Americans that lost their jobs were racial and ethnic minorities including African Americans. Construction and laundry and factory companies fired Mexican workers and replaced them with American citizens and were all eventually fighting to keep their jobs. It became competitive because of the living situations with their families became tougher which led them to pack up and return to their countries willingly cause how bad the situation was for them. African Americans that worked in the farms were fired because crop prices decreased, and white landowners began using machinery to reduce labor costs.
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The Great Depression affected not just racial groups but woman too with men out of work the stay-at-home wives had to care for their children and provide emotional support for their out of work husbands who lost their role as family breadwinners. Woman were having a hard time finding jobs cause of the wages. Women had to be creative with what they had and could not create meals for their families, but they made do with what they had. Women would work at jobs men usually worked at and were discriminated because men thought they took work from them. Men who were fathers that were out of work weren’t giving any child support. Arkansas women did more during the Depression they sponsored WPA projects and women decide tot grow gardens and canned food.
Herbert Hoovers approach to the Great Depression was Hoover didn’t want to make any economic changes which made the depression deepen for the poor which caused protest to begin. Hoover believed that the government and business should come voluntarily come together and reach their goals he focused the corruption instead of the coercion which led them into a deeper hole. Hoover wanted Congress to lower tax income in 1930 congress passed The Hawley-Smoot Act which protected famers and companies from competition and increased imports which made things worse. Many people came to depend on the government or charity to provide them with food. It led to a sharp decrease in world trade as each country tried to protect their own industries and products by raising tariffs on imported goods. The economy continued to fall almost every month. Unemployment reached 25% the Federal Home Loan bank act attempted to provide new home construction and addressed housing sectors. Emergency relief and construction pact signed in 1932 provided government backed loans to bank and create projects in interest of increasing employment
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Effects and Consequences of the Great Depression: Analytical Essay.
(2022, August 12). Edubirdie. Retrieved December 22, 2024, from https://edubirdie.com/examples/effects-and-consequences-of-the-great-depression-analytical-essay/
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