Essay About The Great Depression
There were lots of changes that happened with the Great Depression. It caused many people to get laid off from jobs and people started to lose a lot of their money. This changed the way people lived their everyday lives. The Great Depression changed the U.S. economically, socially, and politically.
The Great Depression changed the United States economically. The first way it was changed economically was through bank failures. More than 5000 banks were closed and went bankrupt during the great depression. This caused people to go bankrupt and people’s savings were all gone. 9 million savings accounts were lost, and 2.5 billion were lost from depositors. Another way it was changed was the stock market crashed. Lots of prices started to decrease in the late 20s. Investors started to sell their stocks while they could, but many had to pay less than what they paid for in the first place. This caused prices to go down even more. Another way it was changed was overproduction. People were manufacturing too much stuff and Americans couldn’t afford to buy it. Many retail prices went down because Americans didn’t have the money to buy new items. On top of that many farmers went into debt because of WW1 and couldn’t get rid of their debt because all of the prices went down. This shows that the great depression changed the U.S. economically.
The Great Depression changed the United States socially. The first way it was changed socially was entertainment. Movies and radio programs became very popular during the great depression because they helped people get away from all of their problems. Radio shows gave people lots of information and more than 60 million people were going to see movies every week in the 1930s. Another way it was changed socially was education. Some children had to drop out of school and get jobs to try and help out their families. Some children had no ride to school and some schools were far from their houses. Another way it was changed was unemployment. During the great depression, many people started to lose their jobs. Unemployment went from 1 million in 1929 and went up to 12 million people unemployed in 1933. That’s 25% of all U.S. workers. This shows that the U.S. was changed socially.
The Great Depression changed the U.S politically. The first way it was changed politically was American isolationism. Since the U.S. was having economic problems they put all of their attention on domestic issues. They did this because the U.S didn’t want to be apart of problems that were overseas. Eventually, congress made a law where U.S. citizens and ships couldn’t participate in outside problems. Another way it was changed was protectionism. This was a trade policy that made it to where the U.S. couldn’t spend money on foreign items. This didn’t help the U.S. economy because there were no more tariffs and there was no import of items. Another way it was changed was some politicians didn’t support the new deal. Roosevelt created new things with the new deal that helped with federal spendings and helped with unemployment. But some politicians didn’t like the new deal. This shows that the U.S was changed politically.
As you can see the U.S. changed economically, socially, and politically throughout the depression. There were many effects of the depression and the U.S. eventually got through it.