After almost a decade of prosperity and optimism, the US was now exposed to a period of despair. The day when this happened is referred to as Black Tuesday, and it is the day when the stock market crashed.
That was the official date when the Great Depression started. The stock market prices crashed to an extent that there was no hope for them to rise again. A long period of panic struck, and there was darkness in terms of stock market prices.
Many people tried as they could to sell their stock, but, unfortunately, no one was ready to buy. The stock market that had for long been viewed as a path to wealth and richness was now a sure path to bankruptcy Martin Economic impact of the Great Depression Failure of the stock market.
The stock market was not the only one that was affected; actually, that was just but the beginning of the Great Depression. In effect, it was unfavorable for the clients whose money was already in the markets for investment: It was also a double loss in that though the clients lost their money, the banks were forced to close down.
This is because they directly depended on the stock market. When this happened, it caused much panic even to other people, and this is what made them go to the other banks that were open to withdraw their money. This kind of massive withdrawal had a major effect in that it caused the banks to close too.
What is more, it was a disadvantage to those who did not withdraw their money because of not reaching the bank on time. After the banks closed, people went bankrupt and could not claim anything whosoever. Business and industry failure. Industries and businesses were highly affected too. This is because they were also working hand in hand with the stock market.
Since the stock market had closed down, this meant that their savings and capital were lost. This affected the labor in the businesses since they had to cut on the number of workers who worked in the corresponding companies.
The stock market issue also affected the customers in that they stopped buying and spending on luxurious goods.
This influenced greatly the companies that produced these commodities in terms of sales and also getting profit. The companies too had to close down Martin The Great Depression affected the farmers in a very adverse way.
Though they always survived other depressions that they encountered, this one was a big challenge to them. Most of the farmers were situated at the Great Plains before the Great Depression took place.
The territory was affected so badly by drought and dust storms which were horrendous in nature. They created a situation that was referred to as the Dust Bowl. The farmers were used to overgrazing, and now this had to combine with the effects of drought leading to a blow to the farmers.The Great Depression began in the United States, which experienced its worst effects.
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6. Causes of the Great Depression i. World-wide and domestic factors 6. Summary of the effects of Great Depression 7. Conclusion 8. Works Cited. The Great Depression. Background. The great depression is an immense tragedy that took millions of people in the United States from work.
The Great Depression: Effects and Solutions Essay Sample The Great Depression was probably the most devastating economic catastrophe in US history. As the s went on, many grave problems threatened the economy.