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The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. [1] They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established.
US annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted Unemployment rate in the US 1910–60, with the years of the Great Depression (1929–39) highlighted; accurate data begins in 1939, represented by a blue line. The Depression caused major political changes in America.
After the Wall Street crash of 1929, when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with the Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932.
Texas quickly became one of the leading oil-producing states in the U.S., along with Oklahoma and California; soon the nation overtook the Russian Empire as the top producer of petroleum. By 1940 Texas had come to dominate U.S. production. Some historians even define the beginning of the world's Oil Age as the beginning of this era in Texas. [1]
The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
Arthur Rothstein's Farmer and Sons Walking in the Face of a Dust Storm, a Resettlement Administration photograph taken in Cimarron County, Oklahoma, in April 1936. The Dust Bowl was a period of severe dust storms that greatly damaged the ecology and agriculture of the American and Canadian prairies during the 1930s.
Banks made loans to develop the oil fields, and Dallas became the financial center for all oil fields in the Texas Panhandle, the Permian Basin, East Texas, Gulf Coast, and Oklahoma. [1] This put off most thoughts of depression until the middle of 1931, when falling prices and overproduction affected the city economy negatively. By then, more ...
Between 1929 and 1933, 40% of all banks (9,490 out of 23,697 banks) failed. [39] Much of the Great Depression's economic damage was caused directly by bank runs. [40] Herbert Hoover had already considered a bank holiday to prevent further bank runs but rejected the idea because he was afraid to incite a panic.