The Great Depression (1929-1939) Essay -- American History

The only thing we have to fear is fear itself, nameless unreasoning, unjustified terror which paralyses needed efforts to convert unsay into advance (Parker, p. 236). This quote was made famous by the President of the United States Franklin D. Roosevelt for his campaign at the most difficult time period in the world. This unusual event for the world began in the United States on October 29th 1929, also known as Black Tuesday, when their economy fell into peril of complete stinting collapse. What started out in the United States was soon entangle all over the world as a depression began to affect the Western world. Jobs became scarce to the population, and tokenish wages were at poverty levels unsupportive of a middle class lifestyle of luxury goods. The gap between the rich and poor were expanding while businesses defaulted and recognition contracted as a consequence. The effects of the Great Depression were ubiquitous in terms of economic impact to the global economies. What st arted in the U.S was soon felt all over the world deflation and the impact of the Gold Standard, contraction of credit, high unemployment, protectionism and international trade. Overall, these effects of the Great Depression were evidence of the economic impact in the United States that globalized to the rest of the world.To being with, deflation is an effect of a monetary policy in which the prices of goods and services fall to make it less advantageous for business to protract operation. For example, according to author Charles Kindleberger of The World in Depression, 1929-1939, the annual percentage change in wholesale prices between 1929 and 1930 are as followed U.S -12.2%, France -6.7%, Japan -22.3%, Canada -16%, U.K -14.9%, Germany -10.8%, and... ...eologies around the beggar-thy-neighbour supposition contracting all international trade. By and large, in an increasingly interdependent world, no man in an island (Esler, p. 613)Works CitedEsler, A. (2004). The Human Venture F rom Prehistory to the Present. impudently Jersey Pearson Education.Galenson, W., & Zellner, A. (1957). International Comparison of Unemployment. NBER.Ganzel, B. (2003). Bank Failures. Retrieved February 29, 2012, from Farming in the 1930s http//www.livinghistoryfarm.org/farminginthe30s/money_08.htmlKindlerberger, C. P. (1986). The World in Depression, 1929-1939. Los Angeles University of California Press.Parker, S. (2008). The Great set How the Stock Market Crash of 1929 Plunged the WOrld into Depression. Great Britain Piatkus.Rothermund, D. (1996). The Global Impact of the Great Depression 1929-1939. New York Routledge.