History Of American Economy The Great Depression Essay

History of the American Economy: The Great Depression As early as the 1920s, Americans and their leaders were quite confident about their country’s better future, compared to some of the toughest economic times that the country had gone through, such as the mild economic depression in the early 1820s and the bank panic. In fact, during his election trail, Herbert Hoover shown off America’s optimism by citing that the triumph against the poor house was forthcoming. However, the Great Depression erupted at a full force the early 1930s; an event that Walton and Rockoff 439 describe to have been the country’s most important economic event of the 20th century (422). The great depression was a time when the United States’ economy was hit by the deepest as well as the longest-lasting economic downturn that was characterized by a drop in the United States’ gross domestic product (GDP) by up to 30 percent. Unemployment also rose by 21.7 percent in 1933, and industrial production dropped by almost half. The nati on was also paralyzed by hunger (Walton and Rockoff 422). In essence, the great depression was indeed very severe, millions of people were rendered poor, homeless, and jobless. Nevertheless, the depression came after a time when the America’s economy had grown to be the world’s leading economic superpower, particularly in the in the early 20th century. It was the world’s best source of financial capital. The great depression changed everything; America’s economy wasShow MoreRelatedThe Great Depression of the 20th century and the Great Recession of the 21st century were both600 Words   |  3 Pages The Great Depression of the 20th century and the Great Recession of the 21st century were both important economic crises in U.S. history. The Great Depression began in 1929, during the presidencies of Herbert Hoover and Franklin Roosevelt. 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