Great Depression: Black Tuesday, Impact & Response

Abstract

This paper will cover the cause of the Great Depression, including the stock market crash on Black Tuesday and how it affected stockholders, deflation on pricing of goods, fall of banks caused by increasing numbers of default loans, and bankruptcy of businesses. The end of the Great Depression will be explained with how the New Deal program and WWII war time economy helped soothen the US economy and hardships of the people, and how it finally ended after the US government minimize the control on the country’s economy. Impact of the Great Depression will also be examined. Including how the depression caused homelessness, poverty, unemployment, health concerns and loss of hope for millions of people at the time. Lasting impacts of the Great Depression also affected the future generations, including acts passed during the Great Depression that are still viable today, lasting landmarks, how the Great Depression left a psychological effect within past generation’s mind, and how the case set an example for historians and economists to study for preventing potential depression in the future.