the great depression
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- שקופית: 1
- hey! i heard you have a lot information about the causes of the great depression back in 1929-1939! could you tell me about it?
- Yes! firstly, there are 4 main causes of the great depression. the gold standard, the stock market crash, the smoot- hawley attack, banking panics,
- wow! tell me more!
- United States was on the gold standard, with the dollar redeemable in gold and pegged to its value. The stock market crash was a sudden and massive drop in stock prices that wiped out billions of dollars in wealth.The Smoot-Hawley Tariff was a law that raised taxes on imports to protect U.S. businesses, but it caused other countries to do the same, hurting global trade and making the Great Depression worse. banking panics happened when people rushed to withdraw their money from banks, fearing they would collapse, which caused many banks to fail and deepened the economic crisis.
- שקופית: 2
- Wow! could you elaborate on the gold standard?
- Foreign central banks raised interest rates to combat gold outflows, which reduced output, prices, and in creased unemployment in their countries. this led to global economic decline, especially in Europe, nearly matching the U.S downturn
- שקופית: 3
- I'm learning so much! Can you tell me about the stock market crash of 1929 now?
- The stock market crash of 1929 was when there was a reckless speculation in the stock market, with people from all walks of life, including millionaire tycoons and ordinary workers, investing their savings on stocks. The stock m market reaches its peak in august 1929, just before the onset of the great depression. the after math of the crash includes:factory and business slowdowns, leading to widespread layoffs and wage cuts. increased consumer dept, and loss of consumer confidence leading to reduced spending and investment. This was the main cause of the great depression
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