FratFiles

• Save Paper

The economic depression that beset the United States and other countries in the 1930s was unique in its magnitude and its consequences. At the depth of the depression, in 1933, one American worker in every four was out of a job. In other countries unemployment ranged between 15 percent and 25 percent of the labor force. The great industrial slump continued throughout the 1930s, shaking the foundations of Western capitalism and the society based upon it. Economic Aspects President Calvin COOLIDGE had said during the long prosperity of the 1920s that "The business of America is business." Despite the seeming business prosperity of the 1920s, however, there were serious economic weak spots, a chief one being a depression in the agricultural sector. Also depressed were such industries as coal mining, railroads, and textiles.

Throughout the 1920s, U. S. banks had failed--an average of 600 per year--as had thousands of other business firms. By 1928 the construction boom was over. The......

View the rest of this paper...

Approximate Word Count: 535
Approximate Pages: 3 (250 words per double-spaced page)

Similar Essays

1. Great Depression
   

   Great Depression Great Depression The Great Depression was the worst economic decline ever in U.S. history. It began in late 1929 and lasted about a decade. Throughout the 1920's,

2. The Great Depression
   

   The Great Depression The Great Depression was a time of turmoil, drama, hardships, and trials for most Americans, a time when jobs and homes they thought they could count on

3. Great Depression
   

   Great Depression The Great Depression began in October 1929, when the stock market in the United States dropped rapidly. Thousands of investors lost great deal of money and many

4. The Great Depression
   

   The Great Depression The Great Depression was the worst economic decline ever in U.S. history. It began in late 1929 and lasted about a decade. Throughout the 1920's, many factors

5. Great Depression
   

   great depression The Great Depression is probably one of the most misunderstood events in American history. It is routinely cited, as proof that unregulated capitalism is not the