General Overview and Essence of the Great Depression

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What exactly is The Great Depression? When a good number of individuals hear this term, their minds immediately reverts back to the stock market crashing as the prime reason for the great depression, but there were several more reasons. First, the great depression was a catastrophic event affecting a countless number of individuals when the world was experiencing a monetary despair during the course of the nineteen thirties. Now, the reasons for the depression were the stock market crashing ninineteen twenty-nine, global taxes, rising discrimination, diminishing demand, rural flight, overtaxing stockholders, and the inaccuracy of the world’s speculation bubble. The Great Depression prompted banks to crash, joblessness to skyrocket, savings to be ripped away from individuals, emigration to soar, and homelessness to surge.

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Herbert Hoover be of service as the thirty-first president of the United States from nineteen twenty-nine to nineteen thirty-three. Hoover was one to believe and spread false hope, but he also made many more mistakes. To aid in safeguarding American farmers from foreign rivalry, Hoover encouraged higher taxes to promote national depletion. Hoover authorized the greatest tax in the history of America, the ‘Smoot-Hawley Tariff of 1930’, at the peak of the international markets worsening. This tax caused other international traders to raise on the United States. Hoover was a conservative who didn’t believe in government intervening with the world’s economy. Hoover’s fear about the New Deal was the reallocation of wealth and handouts. With the great depression, Hoover believed in letting it fix itself but this did not work. When Hoover says, “would destroy the very foundation of our American system”, his meaning was

Huey Long was a senator and a Democratic who believed wealth should be redistributed from the rich to the poor. Long influenced Franklin Delano Roosevelt to urgently deal with the depression and American inequity. Huey Long’s plan to address the great depression was to share the wealth. His plan was to not allow one man to own more than fifty million dollars. His plan was for the government to give every family an estate allowance without putting them in debt. The annual income of a family should not be thirty-three percent less than the average family income. No one family’s income should be less than two thousand to twenty-five thousand dollars. No individual should be permitted to make more than six hundred thousand dollars to one million eight hundred thousand dollars. Work hours should be limited so no person can make more than the other. Military veterans would be paid what they are owed while the disabled are cared for. All children, no matter their skin color, would have equal opportunity in schools and other institutions for training and learning without being charged. In order for children to receive free learning and training, taxes would increase for the rich. Long’s plan was for every one to have enough and not for one to have more than the other preventing others from having anything. Herbert Hoover would not have approved Long’s plan because he believed in letting the government fix itself while Long believed in making everything equal or close to it.

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General Overview and Essence of the Great Depression. (2022, July 14). Edubirdie. Retrieved April 18, 2024, from
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