what were the impacts of economic depression on America means USC class 10th answerwhat were the impacts of economic depression on America USA class 10th history question
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Answer:
The Great Depression is referred to as the greatest and also the longest economic downturn or recession in modern history. It started in the USA.
After that, it had a rippling effect on the economies of the world.It is said that the Great Depression started with the USA stock market crash in October 1929.
To be precise, the stock market crashed on October 24, 1929, which is known in American history as the Black Thursday.
The impact of the stock market crash resulted in panic among the investors in Wall Street, wiping out almost $30 billion from the stock market.
This resulted in the crashing of other major financial institutions such as banks.It is said that around 5000 banks went bankrupt as an aftermath of the stock market crash in 1929.
One of such banks was Boden-Kredit Anstalt, which was Austria’s most important bank.There was a significant drop in consumer spending and investments that caused a major decline in industrial output and laid off employees from companies.
The other significant impact of the Great Depression was that many farmers lost their properties due to drought and over-cultivation in Midwest America.
This was termed as the Dust Bowl, which destroyed agricultural lands.
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