Explain the Major Factors Responsible for the Great Depression
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The Great Depression began around 1929 and lasted till the mid 1930s. During this period, most parts of the world experienced decline in production, employment, incomes and trade. Agricultural regions and communities were the most affected.
Causes of Great Depression:
(i) Post-world war economy of the world was fragile. Agricultural over production was a problem. As prices slumped, farm produce rotted.
(ii) Many countries financed loans from the U.S.
(iii) U.S. overseas lenders panicked at the sign of financial crisis.
(iv) Thus, banks were bankrupt and were forced to close down in Europe and in the US because they were unable to recover investments, collect loans and repay depositors.
(v) American capitalists stopped all loans.
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Causes of the Great Depression
The stock market crash of 1929. During the 1920s the U.S. stock market underwent a historic expansion.
Banking panics and monetary contraction.
The gold standard.
Decreased international lending and tariffs.
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