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The Great Depression

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Shubhangi Sharma
Jun 13, 2019   •  27 views

The Great Depression was the time of economic crisis during 1930. It began in the United States but quickly spread through much of the world. During this time many people were out of work, hungry and homeless, waiting for long hours in queqes at soup kitchens to get a bite.

How did it started?

The Great Depression began with the crash of stock market in October of 1929. Historians and Economic give various causes for the Great Depression including drought, overproduction of good, bank failures and consumers debt.

Changes of President

Herbert Hoover was president of United States when the Great Depression began. Many people blame Hoover for it..They even named the shanty towns where homeless people lived 'Hoovervilles' after him. In 1933, Franklin D Roosevelt was elected as the president. He promised the people a 'New deal.'

The New Deal

The 'New Deal' was a series of laws, programs and government agencies which enacted to help the country deal with Great Depression. These laws placed regulations on the stock market, banks and businesses. They also responded to the needs for relief, reform and recovery. Many of these laws are still in place today like Social Security Act.

INTERESTING FACTS about Great Depression

  • The stock market lost almost 90% of its value between 1920 in 1933.

  • Around 11,000 Bank fail during the Great Depression leaving many with no savings.

  • In 1929 unemployment was around 3% .In 1933 it was 25% with one out of every four people out of work.

  • The average family income dropped by 40% during the Great Depression.

  • The Great Depression ended with the start of World War II. The war time economy put many people back to work and factories to capacity.

  • The Great Deal created around hundred new government offices and obtain 40 new Agencies.

  • The worst years of Great Depression 1932 and 1933.

  • Around 300 million companies went out of business.

  • Millions of people migrated away from the dust bowl region in the Mid-west and around 200 thousand migrants moved to California.

  • President Franklin D Roosevelt pushed 15 major laws through, in his first hundred days of office.

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