ECN201 Grantham University Microeconomics and Great Depression Discussion

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JlaNaqern

Economics

ECN201

Grantham University

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write a 2-page paper answering the following question:

Contrary to a popular view, the Great Depression was not caused by the 1929 stock market crash. We have had similar reductions in stock prices to those in 1929 before and after the Great Depression. What historical events took place that directly led to the prolonged depressed conditions like those of the 1930s?

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Running Head: PROLONGED GREAT DEPRESSION

The Great Depression

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PROLONGED GREAT DEPRESSION

1

The Great Depression
The Great Depression is one of the significant economic conditions that adversely
affected the United States as well as the entire world. People suffered as the situation prolonged
in the 1930s as the rates of poverty increased. A number of historical events led to prolonged
depressed conditions. They include the laws by the Federal Reserve and the Smooth-Hawley
Tariff Act. In 1929, the Smooth-Haley Tariff Act got introduced into Congress to protect the
American Farmers from competition posed by oversee nations. However, it never worked out as
expected (Silvia, 2011). Most countries that traded with the US also increased their tariffs,
making it difficult for tra...


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