Great Depression Christopher A Leppert St Leo University LBS-498 ✓ Solved

Executive Summary: In about 150 words, a summary of the whole research project is made. It is the presentation of the whole project from the introduction to a conclusion where main points are highlighted that best explain the concept of the Great Depression that is discussed in the whole project.

Introduction: In this session, it will be a great opportunity where I will explain in detail the meaning of the Great Depression. It will be an opportunity to relate it with another similar occasion that has occurred in history. A brief outline of what is expected in the whole research will be detailed in this particular session.

Justification of the Research: It is important to explain why it is important to carry out this project on the Great Depression. In most cases, there are gaps that are identified in the previous research and would form the basis for the research project. However, in this particular case, two principal reasons for this research project which are social significance and practical.

Objectives of the Study: This section addresses the questions that need to be covered in this research plan. Basically, there are 8 objectives that this research project expects to cover. First, it examines the events before the Great Depression. Second, it examines the events after the Great Depression. Third, it establishes the causes of the Great Depression. Fourth, it examines how the Great Depression spread. Fifth, it identifies the physical effects of the Great Depression. Sixth, it investigates the psychological effects of the Great Depression. Seventh, it finds out the financial effects of the Great Depression. Lastly, it aims to establish the psychological and mental effects of the Great Depression.

Methodology: In order to address the questions or objectives of the study, reliable and accurate data and information will be needed. This section will address the type of information that will be used, sources of that information, how it will be accessed, and what will be used to determine if it is reliable and authentic.

Findings and Discussion: Once the information has been collected, reports will be made of the findings of the research. This is critical as it forms the backbone of the research project. After findings are tabled, the next point will be discussing the results of the findings. This involves converting the raw information into processed final information. The length and weight of the discussion are determined by the information available and the understanding of the subject matter. However, the discussion will be guided by the objective questions.

New Information Provided by the New Research: After conducting the research and interacting with extensive information on the subject, it is expected that new information will be gained. It is necessary to clarify what new knowledge has been provided by the research project and most specifically from the point of discussion.

Captions, Photos, and Great Quotes: This will be the part where captions, photos, and great quotes during the Great Depression will be analyzed.

Conclusion: This section will summarize the research project and highlight the key takeaways.

Paper For Above Instructions

The Great Depression, occurring in the late 1920s and lasting through the 1930s, was a significant economic downturn that impacted millions of lives globally. This paper aims to delve into its causes, effects, and lessons drawn from this historical event, providing a comprehensive understanding of the Great Depression and its implications.

Understanding the Great Depression

The Great Depression is often considered the most severe economic crisis in modern history. Beginning with the stock market crash in October 1929, it led to widespread unemployment, bank failures, and a significant reduction in consumer spending. Historians and economists have debated its causes, with factors ranging from stock market speculation, poor banking policies, and a decline in international trade playing pivotal roles (Romer, 2003).

Causes of the Great Depression

Several factors contributed to the onset of the Great Depression. Firstly, the stock market crash of 1929, largely driven by speculative investments, resulted in a loss of confidence in the economy (Romer & Pells, 2019). The collapse of the banking system also exacerbated the crisis, as banks failed to maintain sufficient reserves, leading to a chain reaction of economic downfall (Cochran, 2013).

Secondly, international economic factors played a substantial role. The U.S. had been a major lender to countries worldwide, but as its economic stability declined, international lending dropped significantly, causing global markets to falter (Crafts & Fearon, 2010). Furthermore, the protectionist measures, such as the Smoot-Hawley Tariff, worsened the situation by stifling international trade and prompting retaliatory tariffs from other nations.

Effects of the Great Depression

The effects of the Great Depression were catastrophic, leading to a unprecedented level of unemployment, peaking at nearly 25% in the United States (Kelly, 2018). This resulted in widespread poverty and hardship for millions, with many families losing their homes and savings. Furthermore, the psychological impact was severe, leading to increased rates of mental health issues due to desperation and hopelessness (Ng et al., 2013).

Agricultural sectors were particularly hard hit, with prices plummeting and many farmers losing their livelihoods (Minnaar, 1990). Regions such as the Dust Bowl in the U.S. further exemplified the environmental and economic crises introduced during this era, leading to significant agricultural decline (Tapia Granados & Diez Roux, 2009).

Lessons Learned from the Great Depression

The Great Depression offers crucial lessons applicable to contemporary economic policies. One significant takeaway is the importance of regulatory measures in financial markets to prevent unchecked speculation and ensure systemic stability (Wheeler, 1998). Governments worldwide learned the necessity of implementing social safety nets and economic stimulus to mitigate the harsh effects of economic downturns. Policymakers should prioritize economic resilience to protect against future crises (Romer, 2003).

Conclusion

In conclusion, the Great Depression serves as a potent reminder of the fragility of economic systems and the far-reaching impacts of financial crises. By understanding its causes, effects, and the lessons learned, society can take proactive steps to safeguard against similar economic disasters in the future. Continued research and education on this topic remain critical as we navigate our current economic landscape.

References

  • Cochran, J.P. (2013). America's Great Depression Quotes of the Week: Bank Failures and Real Monetary Reform. Mises Institute. Link

  • Crafts, N., & Fearon, P. (2010). Lessons from the 1930s Great Depression. Oxford Review of Economic Policy, 26(3).

  • Kelly, E. (2018). 24 Photos Of The Great Depression That Show Our Current Recession Could Be So Much Worse. Link

  • Minnaar, A. (1990). The Effects of the Great Depression (1929–1934) on South African White Agriculture. South African Journal of Economic History, 5(2), 83-108.

  • Ng, K. H., Agius, M., & Zaman, R. (2013). The global economic crisis: effects on mental health and what can be done. Journal of the Royal Society of Medicine, 106(6), 211–214.

  • Romer, D.C., & Pells, H.R. (2019). Great Depression. Encyclopædia Britannica: Encyclopædia Britannica, Inc.

  • Romer, D.C. (2003). Great Depression, Forthcoming in the Encyclopædia Britannica.

  • Tapia Granados, J.A., & Diez Roux, A.V. (2009). Life and death during the Great Depression. Proceedings of the National Academy of Sciences of the United States of America, 106(41), 17290–17295.

  • Wheeler, M. (1998). The economics of the great depression. [URL]