THE GREAT DEPRESSION By : Anubha Mathur( 10810008) Deep Pathak(10810020) Rishi Arora(10810051)
What ? The decade of the 1930s saw the Great Depression in the United States and many other countries. During this decade large numbers of people lived in poverty, desperately in need of more food, clothing, and shelter. Yet the resources that could produce that food, clothing, and shelter were sitting idle, producing nothing. When ? From 1929 – late 1930’s Why ? Attributed to a number of reasons
Having lost much of their own capital in either the Stock Market Crash or the bank closures, many businesses started cutting back their workers' hours or wages.
consumers began to curb their spending, refraining from purchasing such things as luxury goods
This additionally caused businesses to cut back wages or, more drastically, to lay off some of their workers.
Initially, the Banking sector was the worst hit Source : Banking and Monetary Statistics , Board of Governors of the Federal Reserve System, 1943, pages 18 and 283. Bank Suspensions in the US Year Suspensions 1929 659 1930 1350 1931 2293 1932 1453 1933 4000 1934 57