Essay On The Great Depression

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Inevitably, these measures would lead the causes of the Great Depression.

Although the causes are greatly debated, certain causes are most notable.

The response of the federal government was the creation of compensation for the unemployed as well as Social Security for the elderly (Amadeo, 2010, p. The depression also brought a revolution in labor laws.

The Wagner Act was introduced which introduced the safeguarding of the interests of employees.

This is due to the fact that scholars and economists had associated the Great Depression with the inadequate demand that prevailed in the period.

There was, therefore, the need to look for scholarly solutions to avoid the occurrence of such depressions in the future.Another mistake was the preservation of the gold value of the dollar by the feds by an increase of interest rates.This is discussed in detail below (Amadeo, 2010, p. Prior to 1929, the Franc and other currencies ware undervalued after adopting floating rates for some time. Wiley Online Library requires cookies for authentication and use of other site features; therefore, cookies must be enabled to browse the site.Detailed information on how Wiley uses cookies can be found in our Privacy Policy.At the end of WWI, countries with devalued currency wanted to return to the gold standard.On the other hand, courtesy of holding on to a fixed gold value for the dollar, a large number of gold deposits had been made to the United States by investors from a number of countries. Other countries initiated policies aimed at lowering economic activity through deflation and reducing price levels. This cause of the Great Depression explains why the United States was among the countries that were affected the most by the depression (Smiley, 2008, p. The most profound and lasting effect of the Great Depression is the way it changed the involvement of the federal government in economic matters.The situation worsened and people lost their confidence in the government as they bid the last dollars of their savings goodbye.By the year 1932, an approximate quarter of United States population was unemployed.This repetitive cycle caused the stock market to become incredibly unsteady because the money invested was based on borrowed money and false optimism.This caused investors to lose confidence in their stocks and, ultimately, would soon cause the stock market to collapse.

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