The Causes of the Great Depresssion
The Great Depression lasted from 1929 until 19 41 when the US entered World War Two . 1 While there were several contributing factors, the turning point that ushered in this twelve-year period was the Stock Market Crash on October 24 th , 1929. So severe was the drop in stock prices that the day has come to be called “Black T hurs day ”. The result was widespread unemployment in the United States. 2 Unemployment rates during this time averaged at 1 out of every 4 men or 25% of the workforce. In Black communities like Harlem, the rates were as high as 50 % . 3 While this economic calamity affected both the United States and the major countries of the world, for Americans, t he Great Depression was the “worst economic disaster in American history ”. 4 The Stock Market Crash of 1929 was not the cause of the Great Depression, merely the notification that this economic downturn had arrived. Only a few A...