From the Great Depression to the Great Recession: How Two Financial Crises Shape America
Introduction Two defining moments in the economic history of the United States are the 1929 Stock Market Crash and the 2008 Financial Crisis. These two events which took place about 80 years apart have common features relating to their origins, effects, and responses from the government. These crises devastated millions of Americans, affected the world economy, and caused a significant shift in economic policymaking. The reasoning behind these events may have been different but the results in terms of unemployment, poverty, and financial instability were the same, which reshaped the course of America’s economy. The 1929 Stock Market Crash The 1929 Stock Market Crash, also known as Black Tuesday, occurred on October 29, 1929. This event marked the start of the Great Depression, one of the most widely regarded devastating periods in economic history. The crash followed a period of unprecedented economic prosperity known as the Roaring Twenties, which was fueled by industrial growth...