The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity, industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Germany. Overall, the great depression caused a lot of harm to the businessmen. It caused an economic downturn. It harmed a lot of people. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, which resulted in growing wealth inequality. Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt.
Both the businessmen and the farmers suffered from this great depression. Industry was badly shaken by the Depression. Factories closed; mills and mines were abandoned; fortunes were lost. Business and labor alike were both in serious trouble. Unable to help themselves, the American people looked to the federal government. The Great Depression was partly caused by the great inequality between the rich who accounted for a third of all wealth and the poor who had no savings at all. As the economy worsened many lost their fortunes, and some members of high society were forced to curb their extravagant lifestyles. I think the one that suffered the most is the farmers. They don’t have a place to sell their products. They can not sell their products and earn money.
Now let us talk about who suffered the most, the poor people or the rich people. Well, I believe that the poor people suffered more than the rich people. Even though the rich people also suffered during the great depression. I think the poor people suffered more. The rich people stayed rich after the great depression. they ahve so much money. Even though the economy is really bad at that time, but the rich people still have that money. That is why we call them rich. It is because they have money. But the poor people went even poorer after the great depression. 。
We experienced a lot of uncomfortable things during the covid 19 period, it made everyone’s life more inconvenient. We couldn’t go out and play. We couldn’t travel because the city is locked down. The economy goes bad and our parents need to answer phone calls everyday to work. We had to stare at the screen all day long to have online school. Every morning, we had to get up early and go do NAT. Otherwise, we couldn’t go anywhere. And if our health code went red, we would need to isolate ourselves.
In conclusion, I think that it is a big disaster during the big depression. It harmed a lot of people. Both the business mans and farmers got effected. The business man is effected by the stock market. The farmers are effected by the dust bowl. All those reason lead to a really bad consequence, which is the economic downturn. The Dust Bowl was the result of a period of severe dust storms that greatly damaged the ecology and agriculture of the American and Canadian prairies during the 1930s. The phenomenon was caused by a combination of natural factors (severe drought) and human-made factors: a failure to apply dryland farming methods to prevent wind erosion, most notably the destruction of the natural topsoil by settlers in the region.[1][2] The drought came in three waves: 1934, 1936, and 1939–1940, but some regions of the High Plains experienced drought conditions for as long as eight years.[3] It exacerbated an already existing agricultural recession. When we compare the suffering of rich people to poor people, I think the poor people suffer more. And also, we also experienced this kind of stuff by ourselves. We experienced the Covid 19. This is a great example. It is really similar. We don’t get to go out. We can only stay at home. And we need to do NAT everyday. This is a really painful period of time for us. This also caused the economic downturn.So, our experience is really similar to this.
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