The Great Depression (1929–1939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. During this time, many people lost their jobs and also were forced to leave their homelands they have lived in their whole life. It also made a huge impact on the United States.
The term stock market refers to several exchanges in which shares of publicly held companies are bought and sold. Stock markets are venues where buyers and sellers meet to exchange equity shares of public corporations. Stock markets are components of a free-market economy because they enable democratized access to investor trading and exchange of capital. Stock markets create efficient price discovery and efficient dealing. Traders in the stock market buy or sell shares on one or more of the stock exchanges that are part of the overall stock market.
Lots of people were affected during the Great Depression, but I think the African Americans and the poor were the most affected people, as the white Americans would take what job was available, they would have no jobs and were forced off their farms making food a very hard thing to find. During this time, many starved to death, wanting to find a job to earn some money or at least have a little bit of food in their tummies. On the other hand, the rich and the white Americans still had some power or money. They could take the jobs from the African Americans, and could also use a certain amount of money to buy what they needed. But the Great Depression really affected many people.
The Dust Bowl was a period of severe dust storms that greatly damaged the ecology and agriculture of the American and Canadian prairies during the 1930s. This greatly affected the farmers as their crops withered and died. Many shops also closed down. During Covid 19, lots of shops and people lost money as everybody was locked up in their homes with the government forbidding them to get out of the house, villas, or apartments. During the Dust Bowl, people lost their shops, and it is the same as Covid. But during the Dust Bowl people lost their homes but during Covid nobody could leave their homes.
In conclusion, the Great Depression is a time when everything became bad, making people poor, having nowhere to live and also a time where people were starving to death. Cities around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. The stock market system also fell down during this horrible time. Farming communities and rural areas suffered as crop prices fell by about 60%. It is similar to covid, where people also had to close down shops and lost money. Learning about a country’s history can help us know more about the past.
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