The Great Depression is the longest economic crisis in the history of industrialized countries, which began after the collapse of stock prices on the New York Stock Exchange on October 18-29, 1929.
After the stock market crash, most of the securities and real estate depreciated, and a significant part of the loans became non-returnable. There was a sharp decline in the resource base of banks as a result of the massive withdrawal of household deposit. Consequently, bank failures became widespread.
To understand what caused the Great Depression essay and how to properly write it, it is necessary to learn the historical background of that time.
The economic crisis of 1929-1933 was the most profound crisis of overproduction in the entire history of capitalism. For almost four years the economy of capitalist countries has been in a state of utter disruption. But especially the crisis hit the two main countries of the capitalist world – the United States of America and Canada.
The gigantic destructive force of the economic crisis manifested itself primarily in a sharp drop in industrial production.
The Great Depression essay will be full of tragic facts because you are going to reveal will demonstrate historic true.
The Great Depression took place from 1929 till 1939
It is the deepest economic crisis the Western world has ever experienced
Overcoming the Great Depression in the USA is associated with the radical New Deal programs of President Franklin Roosevelt. As a result, by 1937 the American economy had reached the level of 1929.
Having started in the United States of America, it influenced other industrialized countries in the world.
To cope with the Great Depression essay, it is necessary to know its causes. Only in this case, you will find out the effects.
The causes of the Great Depression are the subject of ongoing discussions about the role of government policy in this and the activity of the private business. In general, it can be said that the main cause of the crisis was that capitalism had ceased to be a self-regulating system. It was a crisis of overproduction of many goods, which followed a period of prosperity and the rise of the American economy.
The spontaneous development of the market and the presence of large capital, which operated outside the framework of national regulation, led to the fact that a large amount goods, including food, were produced and this amount was too much for the market. As a result, the market collapsed.
The second reason was financial speculation. This was the period when the financial market was developing when stock trading grew. But this process also took place without any control. Consequently, speculative companies were created and speculations were carried out. There was a lot of stock in the market. This led to a collapse of stock, which was another cause for the deep crisis.
If you were assigned to write the causes and effects of the Great Depression essay, it is necessary to follow a step-by-step guide in order not to get confused. Don’t mistake this type of academic writing with the narration. Your aim is not to retell the historical facts. Your task is to make careful research (By the way, we’ve made it instead of you. All the necessary information is gathered above). Then you need to organize your work so that you determine the cause of the Great Depression and its consequences. If you give your thoughts, they should be proved with facts.
Let us consider it in details.
Before you start to write your Great Depression essay, familiarize yourself with its main requirements:
The topic should be relevant. You are lucky to choose the most relevant and interesting topic ever
Subjective judgment should be proven. Each argument should be proven as well. You are not writing a fairytale. Do not improvise.
Innovative thoughts. If you have an original manner of thinking, that is even better for writing a winning paper. This doesn’t mean you should present an innovative study. That means you are erudite enough to express your thoughts to create appealing writing.
Deep knowledge. The Great Depression essay requires deep knowledge on a certain topic. It will be not enough to operate the information you have learned at school. It is necessary to conduct thorough research and discover some new and interesting facts.
Additional knowledge. Study the additional literature on the topic. Choose only reliable resources. It is better to pick the book or encyclopedia from the library or use the information from Wikipedia. In addition, you can read literary criticism.
The structure must be followed. To perform successful writing, it is necessary to follow the structure of the essay. All sentences must be logically connected.
Make your piece more natural. In order to make a paper more readable, it is necessary to use appropriate language. But do not write as if you are going to post an Instagram feed. Keep the official style of writing. In addition, to make the text more natural, use the transitions. They are linking words and phrases such as: in addition, moreover, it goes without saying, as a result, hence, therefore, firstly, to start with, etc.
Read the samples of the Great Depression essay on the Internet. It doesn’t mean you should copy-paste the whole text. If you don’t have enough knowledge or inspiration, you can look through similar works to catch the idea or to find out something new.
Keep your individual style. Even though you are going to write on a serious historical topic, it is necessary not to lose your writing style. In will make your work unique and emphasize the individuality.
Now it’s time to start writing your paper. Follow these steps to make your writing efficient and clear.
Step 1. Brainstorm your ideas to identify the causes and effects of the Great Depression essay.
If we talk about this particular topic, it is better to write down all the causes of the Great Depression. Then it is necessary to determine its consequences.
Step 2. Make research
Find the additional information to enlarge your knowledge on the topic. By the way, it is possible to watch any documentary film if you don’t want to read a lot.
Step 3. Work on a thesis statement
You’re good to go determining a thesis statement. Here it is necessary to answer the question: “What is the main issue of the topic and why you need to study it?” Here is an example of a bad thesis. You don’t need to express your opinion here.
I am sad that the deepest economic crisis called the Great Depression appeared. It influences greatly the financial situation of many families.
A good thesis statement should demonstrate the significance of the problem and the way it influences people:
On October 24, 1929, in the USA, there was a collapse of the stock market, called “Black Thursday” and the beginning of the Great Depression. Citizens obsessed with the idea of rapid enrichment invested all their savings in corporate stock in order to subsequently sell them more expensively. This gave rise to a bubble, which, according to the laws of economics, sooner or later should have burst. It led to bank closing as well as bankrupt enterprises. The result of large-scale bankruptcy of enterprises was the catastrophic increase in unemployment.
Step 4. Write an outline
This step is very essential as here you will gather all the information in one well-structured text.
Your Great Depression essay will consist of 5 paragraphs. Here is an approximate plan you should follow:
Introduction. Lay the foundations of the paper. Start with the hook. Explain what aspects you are going to discuss. Complete the end of the first paragraph with a thesis statement.
Body part 1. Proceed with a paragraph to demonstrate what caused the Great Depression essay. Explain the causes of the issue. Support the historical events with solid arguments. Your aim is to explain the reader the situation and the reason it happened. Do not forget to give evidence to support your ideas. In this case, it will be rather simple as you operate with facts and dates.
Body part 2. Here you should explain the possible consequences of the profound crisis. Begin with a general description, and then it is possible to go into details. Give examples with arguments. This part requires giving your point of view about the causal correlation.
Body part 3. In this part, it is necessary to explain the importance of a causal correlation. Give your ideas and prove them with facts.
Conclusion. Write the final paragraph. Give a summary and explain the importance of studying this particular topic.
Step 5. Write a draft
This is exactly the part where you should gather all the facts and ideas and write a draft. It is worth mentioning that you will need to write at least two drafts to create an effective paper. Give yourself some time to focus on the key points and then you can write the second draft.
Step 6. Proofread
Proofread your paper several times in order to find possible grammar, lexical and syntax mistakes. Make sure you have specified only those details that are important for the topic you are trying to cover. Check whether your sentences are not too long. Pay attention to the logical order and linking words.
Theory means nothing if there is any possibility to have a look at the remarkable examples of the great depression in Canada essay. By reading them, you will understand how to write a winning paper. Moreover, you will have an opportunity to put your writing skills to the next level.
All the resources that include information about the time of the Great Depression say that it was the most powerful, profound, and longest economic crisis. In most Western countries it started in 1929 and finished in 1939. It is considered to be the most relentless Depression. The economic recession in the Western world has destroyed many lives, families and personalities.
According to well-known experts, the Great Depression was started because of a crisis of overproduction of goods. In those years it was impossible to buy them because of the limited amount of money supply. Other economists are convinced that the end of the First World War played a significant role in Depression development. The fact is that the US economy was heavily dependent on defense orders. After the peace came, their number decreased, which led to an economy slump in the US military-industrial complex. Among other reasons that caused the crisis, economists consider the ineffective monetary policy of the US Federal Reserve System and the increase in duties on imported goods. The Smith-Hawley Act, designed to protect domestic production, led to a decline in purchasing power. Due to the 40 percent import duty, it became more difficult to sell products to European countries. That is the reason the crisis spread to the countries of the Old World.
Once John D. Rockefeller assumed that economic crisis discourages people. However, it can appear but sooner or later it goes away; prosperity always returns. In spite of his words, New York was in a panic. Each bank, factory and plant have closed its doors. A lot of workers was fired. Those who worked received a small salary. Crowds of people gathered on the streets of New York and outside failed banks. The number of unemployed people was very high. Poverty snaked into homes.
Franklin D. Roosevelt brought some relief. He became the USA president and the main figure of those terrible events. Roosevelt was a rich person, so he understood little about the lives of poor people. His wife Eleanor left for poor areas to figure out how people lived. She saw horrific conditions people should live in. Thanks to Eleanor, Roosevelt realized how hard it is to live in the real world. People suppose that his wife was Franklin’s eyes and ears. The whole country was expecting for Roosevelt to take steps in this difficult time.
The new president understood that a social riot could be run only if the situation for the better was drastically changed in the first few months. The complex of emergency measures developed by the new administration to improve the economy was called the “New Deal”.
The Great Depression has influenced not only the economics of the USA but the other industrialized countries. A lot of families, companies and businesses suffered from this crisis. Everyone who experienced that global economic slowdown said that it was a hard time for everybody. It is time for the international community to draw lessons from that sad experience.
The Great Depression was an appalling time not only in Canadian history but in the whole world. It was a moment in time when a vast amount of people became unemployed and even lost their homes due to the global economic downtown. The business was developing in the 1920s. However, people want to expand their businesses. Consequently, there was a lot of stock in the market. Some investors began to sell their stock very expensively.
As it was mentioned in historical facts, the Canadian economy at this time was just beginning to move from the main industry (agriculture, fishing, mining and registration) to production. Exports of raw materials plunged, and employment, prices and profits fell in every sector. Canada was most affected by its economic situation. This was further affected as its main trading partners were the United Kingdom and the United States, both of which were badly affected by the international depression.
The main consequences of the global economic downturn were the rising amount of unemployed people. People lost their businesses, farms and even homes. A lack of work forced many men to leave their families and look for a better life. As a result, many “skated on rails” on covered wagons or rods under cars. According to Canadian law, when the child turned 16, the family relief was reduced. As a result, young people left home to look for money to support their families. Thousands went to the West world. When they learned that there were no prospects, they continued on their way to British Columbia.
People were expecting Bennet would take some measures. And he proclaimed “New Deal” based on Roosevelt’s strategy. However, many Canadians thought it was too late. They claimed the King returned to power. He said that it would be very difficult to strengthen the economy. He tried very little to cope with unemployment and other problems. Eventually, WWII strengthened the economy of Canada, as well as other countries of the world.
The Canadian recovery from the Great Depression continued slowly. Economists Pedro Amaral and James McGee find that Canadian rebuilding has important differences with the United States. In American productivity, restored quickly, while labor remained depressed for a decade. In Canadian employment, quickly restored, but productivity remained well below the trend. Amaral and McGee suggest that these problems were caused by the long decline in international trade during the 1930s.