Political Effects of the Great Depression
Since time immemorial, there have been great economic events in the world. The great depression is one of the life changing events in United States. The Great depression began on 29th October 1929 when the stock market in the US crashed badly. This period turned into one of the challenging times not only in the US but also turned into an economic slump that affected great relationship with European countries after the World War 1. All in all, the great depression had unbearable political effects that many people could not hold onto within this trying period.
The great depression was the industrialized western world’s longest and most severe depression to be ever experienced in the U.S. The timing of the great depression varies from one nation to another, but it had great political effects in 1930 and lasted until the late 1930s and 1940s. In essence, it was the deepest, longest and most widespread depression of the 20th century. The 21st Great Depression has been used as an exceptional example to show how the economy and political status of many nations can decline.
There were multiple causes of the Great Depression. These include specific events and structural weakness that turn into many challenges to the people and impacted the manner that the depression spread to many other nations. The key cause of the great depression in the United States was a decline in the spending or aggregated demand which led to a reduction in production as many merchandisers and manufacturers were aware of unpremeditated rise in inventories.
Gold standard led to the increased spread of the effects of great depression to other nations. Other factors included stock market crash, banking panics and monetary contraction, international lending and trade. Political effects of the Great Depression were not that easy to bear. This period transformed the political landscape not only in the US, but also in many other parts of the world. This lead to a major political realignment, created a coalition of big-city ethnics, African American and to interventionist governments.
Great change in the political landscape lead to increased organized labor, strengthened the federal presence in many American nations, led to unemployment compensation, national old-age pension strategies were also established and all dependent children were provided with aid. Through the Great Depression, there was great change in labor relations, insured bank depositions, public housing, federally-subsidized school lunches and stock market regulation were also made possible.
Above all, Americans and many other nations within the European Union were able to view the federal government as an agency of great action and reform and as the ultimate protector of public welfare. Interestingly, given the incomparable significance of the impact of Great Depression in development of the political thinking of many leaders, many do not hold on the many impacts of the calamity. There were a number of positive consequences of the Great Depression, but there were about certain negative political changes too. With profound political implications, different government rose into power and this lead to adoption of regressive foreign policies that later led to World War 11.
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