The Great Depression
The Great Depression The Great Depression was a tragedy for the whole world, but it mostly damaged specifically one country, which had the best economic system in the world at that time - United States of America. The Great Depression was an economic collapse from 1930s to 1940s. This economic disaster was brought to life because of a huge amount of problems. There even were different types of problems, such as social, political, economic, or military problems. All together, they created this economic collapse. The official start of the Great Depression was originated in United States, during the day of October 29, 1929, referring to the article in New York Times. During that day, which was called Black Tuesday, a big economic problem appeared - the stock market crash. A huge amount of people lost a lot of their money just in one day. Prices on stock market fell down very quickly and people did not even get the money that they invested, they lost even more than half they invested. Prices kept falling - people kept losing their money. Secondly, with this crash, the banking system collapsed too. "The banking structure was inherently weak", wrote John Kenneth Galbraith in The Great Crash, which actually was one of the causes of the collapse. This situation appeared because people could not pay their money for using credit system, and so banks were 'destroyed' - "The weak destroyed not only the other weak, but weakened the strong...", says John Kenneth Galbraith. With these two incredibly bad situations, another, the worse one appeared - unemployment. Looking at the U.S. Unemployment from Historical Statistics of the United States, it is easy to see how it rose up by more than 5% between 1929 and 1930, and by more than 18% between 1926 and 1935 (with farmers (it was even worse w/o farmers)). People were starving - they did not have any money, even for food. A lot of people died because of starving in 1930s in United States. People couldn't find any jobs and so