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Word Count: 420
The Great Depression in the United States The United States in the early part of the 19th century was plagued by an economic slump later called the Great Depression The Depression begun in late 1929 and lasted for about a decade There were many factors that lead to the depression but the main causes were extensive stock speculation and an unequal distribution of wealth The period between 1920 and 1930 is known as the roaring twenties This was a time when our country prospered tremendously The national income rose considerable along with manufacturing output Personal Wages on the other hand rose at a rate only that of productivity During this time there was a surplus of goods such as bread wheat corn and meat But still the average worker could not afford to buy these goods because the greater the quantity supplied the higher the prices In a quote taken from McElvaine We still pray to be given each day our daily bread Yet there is too much bread too much wheat and corn meat and oil and almost every other commodity required by man for his subsistence and material happiness We are not able to purchase the abundance that modern methods of agriculture mining and manufacturing make available in such bountiful quantities In other words because people are in need of these common goods like bread and meat producer can charge more for them and the number of producers typically increases when high profits are being earned This creates a large supply at high prices The excessive speculation in the Stock Market kept the market artificial high and eventually lead to large market crashes Stock prices continued to rise until on Black Thursday things started to fall apart and then on October 29 Black Tuesday 164 million stocks were exchanged The market crashes undermined the confidence that the United States economy had been based on People got scared
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