Student’s nameInstructorCourseOctober 16, 2018
Depressions And Deals:
The economic crisis which occurred in America during the 1930s was as a result of the Great Depression in 1929. The stock market crashed and resulted in many banks closing up. Many businesses closed down while the corporate profits dropped from $10 million until $1 billion. Majority of the Americans lost their jobs and the gross national product split into half. There was a drought in the United States which lasted through the 1930s. Many Americans lost their possessions and homes, the currency value declined, and the agriculture market spiraled downward (Norton et al. 651). The United States experienced an economic slump from 1929 until 1939.
In response to the economic crisis, Herbert Hoover extended the federal government’s role to help in managing the crisis. This resulted in the deepening of the crisis and Americans became more desperate as they felt that it was a capitalism kind of crisis. The Americans decided to elect Franklin Delano Roosevelt who had promised a new deal which gave hope to them. The new deal proposed by Franklin did not ultimately end the economic crisis, but it eased suffering. The federal government for once took responsibility for its citizen’s well-being and the state’s economy. The new deal had no effects on wealth distribution or the prevailing capitalist system, but it conserved America’s democracy during the crisis period.
Although many …
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