There were three classes of people that were affected greatly by the depression: African-Americans, the elderly, and industrial workers (Ohanian, 22). African-Americans during the depression were the last people to be hired for any of the few available jobs, and the first to be fired when those jobs dried up (Bordo, Erceg, & Evans, 1449)
Even though such a large segment of society was affected by the Great Depression, many history texts and other literature make it sound as though everyone suffered greatly. This is not entirely true as there were many people, such as the industrial workers mentioned previously, that did not have money in the stock market and did not lose their jobs when the market crashed and the Great Depression began (Christiano, Motto, & Rostagno, 1127
People lost their jobs, houses, savings, and in some cases their lives. The suicide rate was very high due to the destruction of so many people's hard-earned financial lives, and few people could see how they were going to get past the depression and move on with their lives when everything that they were used to had been taken from them and their whole world turned upside down (Cole & Ohanian, 53)
The suicide rate was very high due to the destruction of so many people's hard-earned financial lives, and few people could see how they were going to get past the depression and move on with their lives when everything that they were used to had been taken from them and their whole world turned upside down (Cole & Ohanian, 53). There were three classes of people that were affected greatly by the depression: African-Americans, the elderly, and industrial workers (Ohanian, 22)
With the market so low and the country in a slump few people were looking to purchase houses or anything else that was relatively expensive (Ohanian, 37). Industrial workers were probably less affected by the depression than African-Americans or the elderly (Temin, 27)
However, putting this in context within today's environment can provide insights into the severity of the event. Figure 2 - Comparison of Recessions (Rampell, 2010) 2
This was a "complex plan under which agricultural exporters would receive treasure certificates representing the differences in cost of production between the United States and other nations. This plan did not call for federal buying and storing of farm products, but tried to subsidize the shipment of surpluses overseas (Byrd)
" No True Consensus The Great Depression is still not understood clearly. "Economists have offered many theories for both the massive decline and the slow recovery of output during 1929-39, but no consensus has formed on the main forces behind this major economic event (McGrattan)
This TFP decrease is much larger than just extrapolating the TFP decrease that typically has occurred during postwar U.S. recessions (Ohanian)
The relationship between business, government, and society was intensified by the creation of the Department of Commerce and Labor in 1903 and the passage of the Hepburn Act in 1906. Department of Labor and Commerce was later divided into Department of Commerce and the Department of Labor to resolve the labor capital conflicts (Grossman, 1973)
There was eminent war between capital and labor. Progressive era was realized in the very last years of the 19th century up to 1917 (Sage, 2010)
S. non-aristocratic empire founded on state power but orientation towards commercial gain for friends and associates (Stromberg, 1998)
In New York, the production of Black led musicals, publishing of books and poetry, and the Jazz Clubs led many Whites to become more liberally accepting. However, the Depression likely emphasized the class distinctions between the White and Blacks, with whom there were several distinct tiers, ranging from highly racist to rabidly liberal (Briggs) Conclusions -- The Great Depression changed America in many ways; socially, culturally, economically
This is the time of the development of the Blues as an artform, helping create social interaction between Whites and Blacks. Still, this was New York, and although some of the segregation philosophy spread to other major urban areas, most of the country, particularly the South, remained staunchly racist (Feagin)
There was little support for an Equal Rights Amendment, largely due to the belief that there were other problems to solve first, but the mindset of women was well set for what would be their need in the workforce during World War II. However, while large numbers of women worked during the Depression, scholars often see their status slightly decreasing because the American Federation of Labor, for one, did not allow women to join unions and pushed employeers to hire men (Moran) Minorities -- Most of America's minorities did not benefit from Roosevelt's New Deal Programs
If not from lack of work it was lack of customers, lack of means and education, and lack of hope. Women tended to lose their jobs faster than men or were paid far less than men; children suffered with poverty and lack of opportunity; race relations shifted and there was a considerable influx of poor African-Americans into the major urban centers of the north (Rothbard)
Younger women, now with less of a possibility for early marrige, migrated en masse to the major urban areas in order to find some form of work that would support themselves in lieu of a husband. Of course, once the economic situation improved, these empowered women did not wish to return to their previous roles within society (Srigley)
Being linked to the 100% gold standard therefore harmed prospects for a speedy economic recovery in the United States and abroad. Gold, moreover, had stabilized in price and backed up the economies of most industrialized nations (Gupta & Lee 1996)
This is important, because it shows how the innovations in the financial world would set the stage for various trading activities. (Baru, 2009, pp
During the early stages of the crisis, this would play a major role in preventing the situation from spiraling out of control. (Bonnick, 2010, pp