10 Intriguing Facts about the Great Depression
Most of you will argue that there is nothing intriguing about the Great Depression, but I think differently. In order to anticipate your future, you should always spend some time exploring the past. The lessons learnt from the times of the great depression are always to be remembered. This time of economic uncertainty has influenced the human race through different phases of history. It cannot be limited to a single decade or time. The reason for this post is to help you realize and acknowledge the facts about the times when people had nothing special. Most people were in search of food and water despite of the industrial revolution. It was a time when some regions were exceling while others were suffering. The time span which will be discussed here ranges from 1929-1945. Here are the 10 facts about the Great Depression you should know.
Image Source: us-history.com
10. The Time
The great depression is not something that occurred overtime. It slowly started to spread out from a few countries to the whole world. It happened in the decades which preceded the WWII. What happened during the war can also be taken as a part of the depression phase.
Some of you might not like this fact, but it is a reality that the origins of the Great Depression can be traced back into the US. It all began with the fall in the different stock prices in 1929. The day is more commonly referred to as the Black Tuesday.
8. The World
Starting from American, the depression spread to all corners of the world. Although there were some regions that were able to function well through it, but the same cannot be held true for all.
7. Black Tuesday
On this day, it is often estimated that the stock market had lost more than $ 14 billion. Those of you who are aware about the value of this sum of money in those times, it will more clear that this was a big loss. Moreover, it should also be noted that just like today, the US stock market collapse brought down a number of markets from other countries.
After the downfall of the stock market began waves of mass suicides. The counts cannot be confirmed from sure, but it is estimated that thousands of people had killed themselves because of this. The after effects took the lives of thousands more.
5. Jobless Rate
The worst time of the depression was from 1933 to 1934. During this time span, the unemployment rate was more than 25 %. The people who managed to maintain their jobs earned very little money.
4. Part Timers
More than 25 % people used to work for part times because of the unavailability of full time positions.
The country’s GDP fell around 50 % during this time. It should be noted here that despite of the economic crash, USA was able to live and win through the WWII which is indeed a big achievement.
During this time, more than 50 % of the population, especially children, were unable to get sufficient food and clothing. The same holds true for the adult population.
A large number of companies, including small and large sized firms, were forced into bankruptcy. Whether it be farms or industrial units, all of them had to a pay a cost to fight this depression.
The Great Depression has left behind a number of important lessons which should be grasped as it is the best way to prepare for the uncertain future that lies ahead of us.