The Key Factors of the Great Depression Essay Example
Western society changed in many ways. These ways assisted and halted the prosperity of these countries. The United States of America benefited from the war. They experienced beneficial economic growth and at that time made America a contender for the world's richest country. Flappers came into play after the end of World War One. They made a change to their appearance and rejected the old ways by introducing jazz, wearing attire that was considered “scandalous” in those times. They would bob their hair, wair short skirts and smoke to shun the more traditional, old ways of women around that era.
Near this time, there was a mass unemployment spree that hit the world almost unexpectedly. There were 5 key factors that played a role in the start of the Great Depression. The first key factor was the major stock market crash of 1929. Millions of stockholders lost as much as 40 billion dollars in stocks. This was the most monumental cause of the Great Depression. The second major factor is the rising amount of bank failures that were occurring during the 1930s. Banks assured people that their savings were safe, but kept on losing them. Banks went out of business and the surviving banks were scared to voluntarily give out loans. Moreover, another reason that the Great Depression began is that people stopped buying things across the board. Once people stopped purchasing items, the need for production shrunk meaning that there was no need for many workers which skyrocketed the unemployment rate by 25%. The higher the unemployment rate the fewer things being bought, which heightened the unemployment rate even more.
A fourth factor that sparked the beginning of the Great Depression was the Smoot-Hawley tariff in the 1930s which protected businesses in America. This tariff demanded high import tax, which discouraged trade with America and foreign countries. Conclusively the last factor that sparked the dawn of the Great Depression was the immense and brutal droughts that occurred during the 1930s. These droughts were so dreadful and atrocious that people had to sell their farms because they could not pay their taxes. The farms were not earning them the substantial profits that they had earned before. The area got the nickname “dustbowl”. This name furthermore reveals how brutal and withered the conditions the land could get.
Furthermore, the next topic discusses the similarities, but, also the immense number of differentiation of the Communism and Fascism. Communism states that all people are equal and do not own any personal land or personal property. Therefore, all businesses and means of production are maintained by the government. For this purpose, does the government collectively and equally distribute the earnings amongst the people. Fascism believes in the ownership of private property, but with the supervision of the government. The businesses can operate under the owners' leadership, but the government must tell them and give them orders.
Moreover, Fascism and Communism have their, many similarities. Including one, dominant, and all-powerful leader. Both of the political parties completely oppose individual opinions and rights. The website Quora states “Both are directly opposed to individual rights, explicitly stating that the need of the many outweighs the needs and rights of the few”. Therefore stating, that the individual person does not matter unless the individual person in amongst many. To prove their similarities even further, they both despite the minorities for economic problems. Quora states “Both blame minorities for any economic problems. Both have historically been anti-Jewish”. From research and investigation, this statement manifests that the political parties are members of a racist economic party.