The Great Depression (1929-1941
The Great Depression (1929-1941)
In the roaring 1920s, the United States bathed in previously unheard of prosperity. Industry and agriculture alike profited from a thriving economy.
However, the economy began to slow down in 1928, and the trend continued in 1929. Agricultural prices slipped, as a result of production surpluses and a downturn in business activity.
On October 24, 1929, dubbed Black Thursday, the stock market crashed. Prices began to decline early in the day, triggering a selling panic in the New York Stock Exchange (NYSE). The crash in the market spelled disaster for the national economy because corporations with heavy investments faced a sudden and almost overwhelming shock to their assets. Investing froze and as a result, the national economy fell into an unprecedented period of depression.
The recovery in the US began with the strategic thinking of one man…The inauguration of President Roosevelt. Roosevelt had no idea what he was to do, either. But he......
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