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The Great Depression was the worst economic slump ever in the history of the United States. The depression began in late 1 and lasted for about a decade. Many factors played a role in bringing about the depression. The depression seemed to be brought about by the Stock Market Crash of 1, however this was just a catalyst in setting off the depression. There were a number of other factors that had been around well before the stock market started failing. These factors include overproduction, poverty, an uneven distribution of wealth, weak banking sector and the federal governments approach to the American economy.


In the 10’s America’s economy changed and products began to be mass-produced. After a while the supply of goods exceed the demand for them. The market became saturated with goods consumers could no longer afford. Those who could afford the goods had already bought what they wanted. Instead of the companies decreasing the price of the products they simply laid off workers, which caused a huge amount of unemployment and poverty. Poverty was an immense problem during the 10’s. Many families could make it seem like they had money with the introduction of easy credit. However, easy credit could not hide the large amount of people living on or bellow the poverty line. These people could easily give the impression of wealth but during hard times they were unable to make their payments. Therefore, many banks and businesses were forced to close their doors.


The banking sector of the economy was particularly unstable. It was made up of many single-unit banks. When people became unable to repay their loans and mortgages because of unemployment or poverty. The banks had no reserves to draw on and they quickly became casualties. When the banks funds dried up the public was no longer able to access their accounts and therefore many more people became poor.


Also another factor that led to the Great Depression was the uneven distribution of wealth. By 1, 5% of the population received approximately % of America’s national income. This meant that the U.S economy was reliant upon luxury spending and investment from the rich to stay afloat. The significant problem with this reliance was that luxury spending and investment were based on the wealthy’s confidence in the economy. If conditions were to deteriorate as they did with the stock market crash, this spending would slow to a halt.


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The misdistribution of wealth also spread to the industrial sector. In 1 a mere 00 corporations controlled approximately half of the corporate wealth. While the automotive industry was thriving, some industries, agriculture in particular, were declining steadily. Also prospering during the 10’s was the radio industry. By 10, 40% of families owned radios. This misdistribution of industrial wealth meant that if these two industries were to slow down or stop, so would the entire economy, which they did.


The federal government’s approach to the economy also contributed to its downfall and the misdistribution of wealth. Government taxes benefited the rich, which played a part in the growing gap between the rich and middle-class. Government policies favoured businesses whilst neglecting the agricultural sector, which made the situation even worse. Also high tariffs, which originally aided in the economic boom of the 10’s made the overproduction situation more critical. Europe introduced retaliatory tariffs, which made it impossible for American produce to be sold overseas.


It is obvious to see that the American economy was highly unstable during the 10’s and the stock market crash was merely a catalyst in plunging the U.S into depression.





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