Was the most devastating stock market crash in the history of the United states The crash signalled the beginning of the to-year Great Depression that affected all western industrialized countries. On March 25, 1929 a mini crash occurred after investors started to sell stocks at a rapid pace, exposing the markets shaky foundation. 100,000 American companies were forced to close and consequently many workers became unemployed. The Great Depression:
In 1929, the Wall Street Crash plunged the USA into economic depression. This created a depression across the rest of the world. The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.
The great depression had devastating effects on virtually every country. It was caused by many things like the drought that ruined so many farms and the stock market crash. Therefore people lost money and jobs, because people had less money to spend or invest. Hebert Hoover the American president at that time pressurised leaders into keeping wages high The great depression ended at different times in different countries. Benefits of the great depression:
Prices fell in the depression which meant more money for luxuries Improvement at work such ad reduction in working hours, holiday with pay. There was a 1200% increase in homes with electricity
Radios and the first TV
Huge increase in car ownership
Better leisure such ad cinema dance halls, swimming baths and football matches Better health which meant people was fitter and healthier.
Three million new houses were built in the 1930s