Great Depression
Angela Thomas
The Great Depression was a pivotal time in the history of the United States and as a result, American business, banking, agriculture and society were drastically altered. It is commonly believed that the crash of the New York stock market at the end of October 1929 caused the Great Depression, but in reality this turbulent period of American history was brought on by a number of factors. And as the causes of the Great Depression are still being debated, so to are the effectiveness of President Franklin Delano Roosevelt's "New Deal" solutions. What is agreed upon is that the Great Depression and Roosevelt's New Deal changed America forever.
While there is still much debate as to the exact causes of the Great Depression, there is no doubt that it began with a decline in industrial production in early 1929. However, this decline did not necessarily mean that a depression was inevitable, for example, similar downturns had been experienced in 1907 and 1921 without the devastating effects of a depression. This industrial downturn in 1929, however, was caused by the Federal Reserve's "contractionary monetary policy in 1928 and 1929," (Temin) which attempted to stop what the Fed viewed as a speculative upswing in stock prices. In other words, the Federal Reserve restricted the flow of capital in order to reduce what they saw as an over-inflated stock price bubble. While the boom in the stock market may or may not have been a speculative bubble, the Fed's tightening of credit is commonly blamed for the decrease in industrial production in early 1929.
This initial downturn in the economy which became apparent by mid-1929, was not necessarily destined to turn into a full blown depression. The economy was indeed fragile, but it was four other events...
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