The Great Depression - A Brief Summary
The great Depression was the worst economic turn- down in the history of the world. It lasted from 1929 to 1939 due to which approximately 15 million America s were unemployed and failure of more than half the county’s banks. WHAT WAS THE REASON BEHIND THE GREAT DEPRESSION? Many people believe that the Great Depression started with the stock market crash in October 1929, but its not true and it lends people to mistake correlation with cause. The Great Depression did begin after the stock market crash but not because of it. The economic conditions in U.S were not good prior to the stock market crash. The 1920’s featured large scale domestic consumption of consumer products. As most of this consumption was made by credit and instalment's the economy became unsustainable. Apart from this, the agriculture sector suffered throughout the 1920’s because of two reasons: - American farms had expanded rapidly during World War I to provide food to a large number of sol...