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Word Count: 789
The great depression from 1929 and into the 1930s is the period in modern times with the largest unemployment and the highest frequencies of bankruptcies But can one from this say that the Great Depression was a breakdown of capitalism Or was it simply an economic low-point that had to follow the prosperous 20s In the 1920s everything seemed to be running smoothly over the whole world People had a good time and business prospered Lots of new inventions were introduced such as the first planes the radio and many families got hold of a refrigerators In the more wealthy families they even had washing machines and vacuum cleaners As the 20s were coming to an end over 20 million Americans had cars During the 1920s there was a free market where all was manufactured from the play of supply and demand on the world marked The whole production was based on credit promise to pay in the future The system was based on mutual confidence and exchange The economy was dependent on foreign loans and government expenditure was dangerously high with businesses suffering from low profit margins The world believed that the great expansion as in the early 20s would continue and with all the new inventions life would become pure joy and happiness Sales profits and wages went through the roof The acute phase of the Great Depression began in October 1929 on the Black Friday with the Wall Street Crash and continued through the early 1930s The stock marked crash was not the cause of the depression but a symptom of a problem whose real causes lay much deeper Some of them even so fare away from Wall Street as the farmers of eastern Europe After share prices plunged on Wall Street in 1929 the US banks began to call in their foreign loans They had also loaned money to many people who as a result of the Crash could not
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