This Essay Is Concerning About The Great Depression. The Main Goal Of My Work Is Not Only To Describe The Event Itself, But Especially To Point Out The Head Causes And Consequences

3435 words - 14 pages

ECONOMIC POLICY I - SEMESTRAL ESSAYPETRA ANDRLÍKOVÁ2"We will not have any more crashes in our time."- John Maynard Keynes in 1927"[1930 will be] a splendid employment year."- U.S. Dept. of Labor, New Year's Forecast, December 1929Outline:1. introduction…………………………………………………………….…32. causes & The Beginnings of the Great Depression …….…43. Crash and ...view middle of the document...

My recentknowledge is not adequate to do so. In addition those incidents can not be foreseen at all or itis very complicated because hardly anyone predicts such a schocking scenario.The beginning of The Great Depression is dated to the year of 1929 when the entireworld suffered an enormous decrease in output and an enormous rise in unemployment thathad never been before. The output was running lower until 1932. In 1932 the outup was abouta half value of its 1929 level.. Real economic output (real GDP) fell by 29% from 1929 to1933 and the US stock market lost 89.5% of its value.Source: Gold OceanAside from the decrase in output it is also important to mention the deflation. We canfor example take a look at the American situation:4The depression was so serious primarly because the deflation didn't cause theclearence of the market but it led to even more and more bankruptcies. Millions of people losta job. At this time there was no social program and the system was not prepared to anythinglike that. An enormous amount of people had nothing to eat and nowhere to sleep. Many didnot realize how severe the downturn was until 1932 or 1933 when the economy hadtechnically hit bottom and even begun to chug forward. People's resources were depleted bythen and so were many of their friends'. So the human misery caused by the Depression reallystarted in the mid-1930s.2. causes & The Beginnings of the Great Depression"In January 1928 the seeds of the Great Depression, whenever they were planted, beganto germinate." (1) There were a lot of distinguished men of that time, such as PresidentHerbert Hoover and members of the Federal Reserve System in the latter 1920s, who wereforseeing the end of the excess and boom of the stock market. Moreover, as explained byHamilton (1987), despite plentiful denials to the contrary, the Federal Reserve assumed therole of "arbiter of security prices." We san also study many debates about how is the stockmarket over valued (White, 1990; DeLong and Schleifer, 1991). The Federal Reservebelieved there is a speculative bubble in equity values. Between December 1927 and July1928 the Federal Reserve conducted $393 million of open market sales of securities so thatonly $80 million remained in the Open Market account. Buying rates on bankers' acceptanceswere raised from 3 percent in January 1928 to 4.5 percent by July, reducing Federal Reserveholdings of such bills by $193 million, leaving a total of only $185 million of these bills onbalance. Further, the discount rate was increased from 3.5 percent to 5 percent, the highestlevel since the recession of 1920-21. "In short, in terms of the magnitudes consciouslycontrolled by the Fed, it would be difficult to design a more contractionary policy than thatinitiated in January 1928" (Hamilton, 1987).But the failure didn't stop here. The fall in the stock had become more and more real,it was also confirmed by The Federal Reserve Bank President Benjamin Strong and AdolphMiller of the...

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