Great Depression

When:- 29 October 1929 – 1939

What happens?

The Great Depression, which began in the United States in

1929 and spread worldwide, was the longest and most severe
economic downturn in modern history. It was marked by
steep declines in industrial production and in prices
(deflation), mass unemployment, banking panics, and sharp
increases in rates of poverty and homelessness.

Causes:
1.The stock market crash of 1929 shattered confidence in the
American economy, resulting in sharp reductions in
spending and investment.
2. Banking panics in the early 1930s caused many banks to
fail, decreasing the pool of money available for loans.
3.The gold standard required foreign central banks to raise
interest rates to counteract trade imbalances with the United
States, depressing spending and investment in those
countries.
4. The Smoot-Hawley Tariff Act (1930) imposed steep tariffs
on many industrial and agricultural goods, inviting retaliatory
measures that ultimately reduced output and caused global
trade to contract.

Affect on American economy:

where the Depression was generally worst, industrial
production between 1929 and 1933 fell by nearly 47 percent,
gross domestic product (GDP) declined by 30 percent, and
unemployment reached more than 20 percent.

When did it end?

the Great Depression was technically over by 1933

Affect on literature and culture?

- CRIME RATE as many unemployed workers

- Prostitution was on the rise as desperate women sought
ways to pay the bills.
- more and more people turned to the mass media for
entertainment
- Cigar smoking became too expensive, so many
Americans switched to cheaper cigarettes.
- Alcoholism increased with Americans
- many decided to stay in school longer
- many schools to open understaffed or close due to lack
of funds...
- Marriages were delayed as many males waited until they
could provide for a family before proposing to a
prospective spouse. Divorce rates dropped steadily in
the 1930s. Rates of abandonment increased as many
husbands chose the "poor man's divorce" option —
they just ran away from their marriages. Birth rates fell
sharply, especially during the lowest points of the
 Depression. More and more Americans learned about
birth control to avoid the added expenses of unexpected
children.
- Radio flourished as those who owned a radio set before
the crash could listen for free. President Roosevelt
made wide use of radio technology with his periodic
"fireside chats" to keep the public informed.

http://www.ushistory.org/us/48e.asp
https://www.britannica.com/event/World-War-II

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