Comparing Recession to Great Depression Essay - 3134 Words

Goslin – Research Paper. The Great Depression was a harsh global economic depression in the decade prior World War II. The Great Depression, while it happened far before the â€Å"Great Recession† of 2008, it can be greatly compared. During the Great Depression, all income, tax revenue, and prices dropped. International trade decreased by more than 50%, and U.S. unemployment climbed to just above 25%. Industrial cities like Detroit and Pittsburgh took the heaviest hits. While the recession of 2008 was not as drastic, it affected the world economy and resulted in a global recession more so than ever before. The percent of U.S. citizens unemployed had reached 10% as of 2009. Along with the challenges unemployment presented, consumer†¦show more content†¦The status and power of women were increased, which expanded them to a new say in decisions. The recession of 2008 is also called the ‘Great Recession’, said to have begun in December 2007, and took a turn for the worse in Septembe r 2008, and it was a severe economic problem expanded globally. This recession affected the world economy, and is said to have been the worst financial disaster since the Great Depression. The decline in the Dow Jones this time was -53.8%. Since the official start of the recession in December 2007, and through June 2010 there have been about 2.3 million homes foreclosed in the United States. In 2012, the state with the most foreclosures in January alone was California, with 51,584 houses being repossessed. Unemployment during this collapse was 8.5%, and continued to increase to about 10% as of 2010. People’s reaction to this recession was a huge decrease in spending and borrowing from banks, but an increase in saving. There were easily multiple causes for the start of the Great Depression in 1929. Many historians and economists put emphasis on organizational causes such as actions by the Federal Reserve. Often part of any business cycle are recessions due to the changes of su pply and demand, but what turns this business cycle into a depression is always up for debate. In the case of the Great Depression, the stock market crash of 1929, bank failures, debt deflation, and American economic policies with EuropeShow MoreRelatedWall Street : The Great And Powerful Financial District Of The World1407 Words   |  6 Pages Wall Street is the great and powerful financial district of the world. With that statement being true Wall Street isn’t perfect. Wall Street has faced many problems throughout its existence as recessions and depressions came into play and single handedly pushed America into a financial crisis. As early as 1929 till as recent as 2008 recessions still occur and throughout the existence of Wall Street they will never stop existing. 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History : United States History2414 Words   |  10 PagesEconomic Recessions in United States History Prepared for: Dr. Ryo Jinnai Prepared by: Sean McConnell Date: November 21, 2014 Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...3 What is a Recession?.....................................................................................4 Recession or Depression?.............................................................................4 Depression Defiinition†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 The Difference between Recession and Depression†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreThe United States And The Great Depression1402 Words   |  6 Pagescolonized by Great Britain, is still considered a western country. 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