Question

Describe three major effects of great economic depression of 1929on the unitied states of america

Answer 1

The Great Depression of 1929 devastated the U.S. economy. Half of all banks failed. Unemployment rose to 25 percent and homelessness increased. Housing prices plummeted 30 percent, international trade collapsed by 60 percent, and prices fell 10 percent per year.

Answer 2

#The US was also the industrial country most severely affected by the depression.

#With the fall in prices and prospect of a depression, US banks had also slashed domestic lending and called back loans.

#Farms could not sell their harvest, households were ruined, and businesses collapsed.

#The consumerist prosperity of 1920s now disappeared in puff of dust.

#Ultimately, the US banking system itself collapsed.

#Unable to recover investments, collect loans and repay depositors, thousands of banks went bankrupt and were forced to close.

#By 1933 over 4,000 banks had closed and between 1929 and 1932 about 110,000 companies had collapsed.