The_Great_Depression

The Great Depression The economic depression that be-fell the United States and other countries in the 1930s was unique in its strength and its consequences. At the depth of the depression, in 1933, one American worker in every four was out of a job. In other countries unemployment ranged between 15 percent and 25 percent of the labor force. The great industrial slump continued throughout the 1930s, shaking the foundations of Western capitalism and the society based upon it. Aspects of the economy President Calvin Coolidge had mentioned during the long prosperity of the 1920s. He said "The business of America is business." Despite the seeming business prosperity of the 1920s, however, there were serious economic weak spots, a major one being a depression in the agricultural sector. Others facing depression and problems were such industries as coal mining, railroads, and textiles. Throughout the 1920s, U. S. banks had failed--an average of 600 per year--as had thousands of other business firms. By 1928 the construction boom was over. The spectacular rise in prices on the Stock Market from 1924 to 1929 shared little relation to actual economic conditions. In fact, the boom in the stock market and in real estate, along with the depression, economic, business, countries, 1932, 1929, people, government, administration, about, years, world, through, states, roosevelt, president, over, new, national, market, industrial, hoover, even, average, 1930s, works, war, united, unemployment, two, thus, throughout, stock, public, problems