The great depression has historically been one of the worst periods in the United States. The time was marked by failing economies, low output and a high rate of unemployment. Although the Great Depression period (1929-1939) began in the United States, it spilled over to other nations of the world causing a devastating effect on the financial, social and political stability of the societies. The current paper, therefore, seeks to discuss reasons why the great depression period was so devastating.
The two main reasons that make the great depression one of the worst periods include economic downturn and the social disengagement of the people.
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Reduced consumer demands and unreasonable government policies led to the closure of many financial institutions and these effects spread to other economic sectors of the nation. Businesses could not sustain their financial burdens without the support of the banks which resulted in a massive rate of layoffs. Consequently, the level of output i production companies reduced greatly leading to an acute deflation. Economically, the effects of the depression period were worse than those brought forth by the civil war.
Other than the financial struggles, the depression period led to lasting effects on the family unit. The emotional torture and the lack of resources to care for loved ones caused a disintegration of many families at the time. The rate at which people got married reduced and the kids born during this period developed a negative approach to money and food. The failure of the family unit translated to the collapse of the social cohesion of the nation.
The Great Depression was a devastating period for all the nations of the world. People lived in constant fear of desolation, poverty, and starvation. Many undesirable things happened during this period but the economic downfall and the social instability are some of the things that made the effects of the Great Depression period, not just horrible but long-lasting.
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Reasons for the Perception of the Great Depression as a Devastating Period.
(2022, September 01). Edubirdie. Retrieved November 21, 2024, from https://edubirdie.com/examples/reasons-for-the-perception-of-the-great-depression-as-a-devastating-period/
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