great depression
The Great Depression: Arguments For How and Why It Happened &NBSP &NBSP &NBSP &NBSPEven though the Great Depression happened many years ago there is still some difference of opinion on exactly how it happened. This is partly because there were so many things happening within that period of time. For the most part it was a fairly turbulent time of peace in between the two largest wars of the 20th century. Add on to that the readjustment to the gold standard after many countries suspended it during the First World War and you have quite a world-wide financial mess. Also, the return to the gold standard by many countries was a problem because they set the value back to the pre-war value of gold. This caused severe problems because each country's supply of gold had likely changed dramatically during the war. Given all the evidence of turmoil during this time, it is fairly easy to see that the United States was not the only country going through some sort of depression or recession. Although there are still some people that think it all beg!an with the United States in October 1929. It may be true that the U.S. was one of the hardest hit by the Depression which was easy to see by looking at the enormous market crash in, but that
When these countries tried to reconstruct after the failure of the gold standard, the conditions led to even bigger problems. In fact "since the depression was worldwide, and since what happened in one region affected conditions in many others' all such statements whether well or ill informed, contain at least a germ of truth" (Garraty 3). "In fact it was the attempt to preserve the gold standard that produced the Great Depression" (Temin 38). The world at this time was literally falling to pieces and was in need of new policies because the "flaws in the international financial system were a major cause of the collapse, and errors made by bankers and politicians in trying to repair the damage prolonged it" (Garraty 21). &NBSP &NBSP &NBSP &NBSPThe failure of the gold standard had a large effect on the deflation that caused the Great Depression. had surprisingly similar rates of deflation between 1929 and 1931 (Temin 4). The world was still using policy that might have worked before the war, but new policies were required to adapt to the greater economic interaction of the world. &NBSP &NBSP &NBSP &NBSPThe financial conditions and environment were very difficult between the time of the first and second world wars. &NBSP &NBSP &NBSP &NBSPThe largest and most interesting factor to look at is the gold standard. &NBSP &NBSP &NBSP &NBSPIn conclusion, the Great Depression was truly an extraordinary historical event. The market fall seems like a very likely beginning to the depression because it was a very sharp drop in the U.
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