Disclaimer: This work has been submitted by a student.
This is not an example of the work produced by our Essay Writing Service.
This tariff charged a high tax for imports which lead to a decline in trade from foreign countries.Beginning on September 3, 1929, stock prices peaked and then dipped sharply.This continued throughout September and into October.In 1929 a severe worldwide economic depression known as the “Great Depression” began.The Great Depression lasted until the late 1930s, early 1940s. S in September of 1929 with a decline in the stock market that later collapsed on October 29, 1929.In 1941 the unemployment rate declined to less than 10%. S., massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression.Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts.” When comparing the Recession to the Great depression there are many similarities and differences.In the 1920’s the United States economy was thriving.Stocks were bought using credit without worry because values kept increasing. During this time period there were not government regulations on the purchase and sale of stocks, the value of the stocks resembled little the actual health of the specific industry issuing the stock.As jobs were lost people could not afford to make payments on items bought with credit.The unemployment rate in the United States rose to over 25% and GDP declined by almost 33%.