What were the effects of great depression? List them
The Great Depression had numerous significant effects on various aspects of society. Some of the most notable effects include:
1. Economic collapse: The Great Depression was marked by a severe economic downturn characterized by a significant decrease in industrial production, high unemployment rates, and a decline in global trade. Countless businesses went bankrupt, leading to widespread poverty and financial desperation.
2. Unemployment: Unemployment rates soared to unprecedented levels during the Great Depression. In the United States, at its peak, around 25% of the workforce was unemployed. This resulted in massive layoffs, poverty, and people struggling to meet their basic needs.
3. Poverty and homelessness: The combination of widespread unemployment and a collapse in the housing market led to a drastic increase in poverty and homelessness. Many families lost their homes and were forced to live in shantytowns or on the streets.
4. Stock market crash: The Great Depression was triggered by the stock market crash of 1929, which wiped out billions of dollars in investments. This event severely undermined public confidence in the financial system and contributed to the economic downturn.
5. Political consequences: The Great Depression had profound political consequences worldwide. In particular, it contributed to the rise of fascist and extremist ideologies in some parts of Europe as people sought solutions to the economic crisis. In the United States, it led to the implementation of President Franklin D. Roosevelt's New Deal and increased government intervention in the economy.
6. Social unrest: The dire economic conditions during the Great Depression led to increased social unrest and public discontent. There were numerous protests, strikes, and demonstrations demanding better working conditions, relief programs, and government action to alleviate poverty.
7. Global impact: The Great Depression was a global crisis, affecting economies around the world. Many countries experienced a decline in international trade, leading to a rise in protectionist policies. The global economic interdependence suffered greatly, exacerbating the effects of the depression.
8. Psychological impact: The Great Depression took a toll on people's mental health. The stress, anxiety, and despair caused by the economic hardship led to increased rates of depression and suicide. It also had long-lasting effects, shaping attitudes towards money, thriftiness, and the role of the government in economic affairs.
9. Innovations and policy changes: In response to the Great Depression, governments and institutions underwent significant policy changes and introduced new regulations. These changes included the establishment of social security systems, increased government involvement in the economy, and the implementation of financial regulations to prevent another economic collapse.
10. End of the Roaring Twenties: The Great Depression marked the end of the prosperous and carefree era known as the Roaring Twenties. The excessive consumerism and speculation of the 1920s were replaced by a period of economic hardship and increased frugality.