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Unemployment during the Great Depression
Transcript of Unemployment during the Great Depression
This implied that it was the largest econmonic depression in the 20th century, causing unemployment to rise exceedingly. The drop in interest rates and sudden rise in deflation made a major crash in the stock market, causing the effects of unemployment to double.
The collapse of the stock market made unemployment worldwide. Unemployment was the direct result of the sudden plunge in capital investment. America had a peak of 25% of people were unemployed. The Stock Market crashed on
October 24,1929 resulting in a vicious and devastating downward spiral.
This mortifying turn of events led to the beginning of the end. In other words, the 12 year Great Depression. "Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even."
-Richard M. Salsman "The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy."
-Milton Friedman The drop in wages made deflation in prices of consumer goods worse. The Great Depression did not only effect the US, but the whole world had a drastic rise in unemployment.
On October 5, 1936, 200 working men from Jarrow (a town in North East England) marched, all the way to London to make their cause known to parliament. Unemployment ended in Britain and other countires as they prepared to fight in WWII. Cash crops did not sell well with the absence of a buyer's market. Traditional roles within the family changed during the Great Depression. Men, finding themselves out of work, now had to rely on their wives and children in most cases to help make ends meet. Many did not take this loss of power as the primary decision maker and breadwinner very well. Many stopped looking for work, paralyzed by their bleak chances and lack of self-respect.
Some became so frustrated that they just walked out on their families completely. Yet divorce rates dropped sharply. The reason being that the legal fees were too expensive to pay and paying for two housholds was not an option. A 1940 survey revealed that 1.5 million married women had been abandoned by their husbands. Women found their status enhanced by their new roles. Left with little choice, they went against the historic opposition to married women working outside the home to help support the families. Black women especially found it easier to obtain work than their husbands. They could work as domestic servants, clerks, textiles workers and other occupations. This employment increased their status and power in the home, gaining them a new voice in domestic decisions.