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

The only thing we sport to fear is fear itself, nameless unreasoning, unjustified terror which paralyses needed efforts to transfigure retreat into advance (Parker, p. 236). This quote was made famous by the professorship of the United States Franklin D. Roosevelt for his campaign at the most difficult time consequence in the world. This unprecedented event for the world began in the United States on October 29th 1929, also known as Black Tuesday, when their economy felled seam into peril of complete economic collapse. What started out in the United States was soon felt on the whole over the world as a depressive disorder began to affect the Western world. Jobs became scarce to the population, and nominal wages were at beggary levels unsupportive of a middle class lifestyle of luxury goods. The recess between the rich and poor were expanding while telephone circuites defaulted and credit contracted as a consequence. The effects of the broad Depression were ubiquitous in s cathe of economic impact to the global economies. What started 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 worldwide 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 polity in which the prices of goods and services fall to make it less advantageous for business to continue 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%, lacquer -22.3%, Canada -16%, U.K -14.9%, Germany -10.8%, and... ...eologies around the beggar-thy-neighbour theory 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 military personnel Venture From Prehistory to the Present. New Jersey Pearson Education.Galenson, W., & Zellner, A. (1957). International Comparison of Unemployment. NBER.Ganzel, B. (2003). brink 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 Crash How the Stock Market Crash of 1929 Plunged the WOrld into Depression. Great Britain Piatkus.Rothermund, D. (1996). The ball-shaped Impact of the Great Depression 1929-1939. New York Routledge.