Great depression research paper

However, some countries like the United States and China have invented strategies that will prevent a likelihood for the Great Depression (Greene, 2016). Most nations have a social class, and when the affected country happens to experience the Great Depression, lower social class citizens suffer more. They suffer more because they are easy targets for the minority group who are the initiators of the Great Depression. For instance, political leaders in countries like Syria have been funding groups meant to facilitate war. Those in powerful positions do corruption. It usually begins as a form of stress, but if left unaddressed, it develops into a severe condition. Persons around the depressed person can equally be affected. So, this means that depression is not a condition affecting one person.

The term depression is associated with a lack of self-esteem. A depressed person is typically demoralized while engaging in any economic activity. International trade was also affected. Many factors have been linked to the Great Depression, but the most notable one is the declination of stock market prices. Monetarists have related the emergence of the Great Depression with the closure of several banks (Foster, Grim & Haltiwanger, 2016). Significance & Importance of the Great Depression The significance and importance of the Great Depression are evaluated in terms of recovery. Many wealthy and poor states during that time were subjected to the same predicament. That is called flexibility. GNP was associated with the intensified unemployment rate. In 1929, the unemployment rate was estimated at 25%, but in 1933 it was 15%.

This meant that the United States under the regime of Roosevelt was in the right direction as far as the journey towards the complete elimination of recession was concerned. Some of the things Roosevelt can be remembered for include implementation of the Banking Act of 1935. Fraud occurs in many countries, and by that, corruption is fought internationally. The United States, for example, has implemented the Foreign Corrupt Practices Act. This aims at encouraging credibility, transparency, and accountability. The Ant-Corruption Commission as an institution has helped in eliminating cases involving financial mismanagement. Women becoming Active Contributors in the Labor Force Until 1929, many European countries subjected women to domestic chores. The traditional role was rampant in rural areas compared to urban areas. With the increasing demand for food supply, women engaged in agricultural activities purposely to promote sufficient food production.

This was aimed at encountering the Great Depression. In the first place, a nation experiencing a shortage of food has a high probability of encountering economic paralysis. The government funded several programs where women were informed about poultry farming. Neophytes were later taught and through that, many people appreciated them since quilts were made from cheaper materials. The idea of cost saving was essential in encountering the Great Depression. This was a case of less input versus significant output. Domestic roles were also applied. While at home, women engaged in activities like sewing. It was a war against reality. Apart from religious activities, American culture featured gender roles. This is synonymous to traditional roles. Americans assigned specific duties according to gender.

In countries like Qatar and Saudi Arabia, this is still evident. Until today, the United States depends on the exportation of goods. Exportation is a significant funding source. The Great Depression also interfered with Industrialization. On that front, there was a need to utilize more domestic products than foreign goods. Importation requires spending of money but when the funds are scarce, what should be the alternative? Consumer behavior changed and governments of the affected nations encouraged their citizens to consume more of local goods compared to foreign products. In the process, many patients preferred importing textiles from Japan. Learning from Past Mistakes Today, the United States has the second largest economy in the world after China. This is because of her prioritization of industrialization.

Surprisingly, in the wake of the Great Depression, it was the only nation which had registered a higher unemployment rate despite being industrialized (Bernanke, 2000). However, U. In that regard, Works Progression Administration changed tactic in 1939. Militarization was the best alternative for repelling wrong actions from these political movements. As said before, Works Progression Administration focused on creating jobs. Also, the body was tasked with funding for national projects like the establishment of infrastructures. However, political instability needed to be counteracted. The leadership needs to respect the constitution. For instance, the Federal Constitution has set a Presidential term limit. The elected president, for example, is required to run for only two terms, four years each. Such regulation has enhanced democracy. A democratic has a high probability of attaining economic growth.

However, corruption was dominant in the Company’s mistakes (O’Neil, 2019). By that, the government of the United Kingdom acted by dissolving Carillion’s board members and declaring the company bankrupt. Regarding economic relief programs, the United States has continued helping nations that are still lagging. The World Bank has also helped developing countries like Kenya in improving infrastructures. The World Bank has donated funds which have helped to establish streetlights, roads, and bridges. This is for the betterment of all stakeholders. During the Great Depression, investors were discouraged by the economic downturn. They were right, and this should act as a learning curve. Many governments draw their funds from both foreign and local investments. When a nation becomes hostile potential investors become discouraged.