The hardest influence was experienced by the American and European economies. Big enterprises, small companies, farmers, families around the countries suffered from the crisis which caused banking panic, the decline in the consumer demand.Improper policies of the government led the fall of the output in the United States, while the so-called gold standard, which gave fixed currency exchange rates to almost all countries transmitted downturn from the USA to other countries and made the crises international.This enormous financial crisis had a momentous impact on employment in the U. Factories, plants, stores were shut down around the country from California to New York, a lot of workers lost their jobs and ability to live.
The hardest influence was experienced by the American and European economies. Big enterprises, small companies, farmers, families around the countries suffered from the crisis which caused banking panic, the decline in the consumer demand.
Great Depression became a worldwide business slump of the 20th century.
It is one of the worst and longest years of low business activity in the USA.
It destroyed the economy, crashed the market, caused the high rate of unemployment. During Depression stock markets crashed, which affected all fields of economy, money was depreciated, prices increased, banks, other enterprises, and companies began to go bankrupt.
Due to actions and events held by the government in order to be involved in the economic system, and their effects, the country’s economy was destroyed during the short period of time.
At one moment they were not capable to pay the debts, some of them had loans, the issues that occurred in the economy made them go bankrupt.
As a result, they lost their lost business, all means of subsistence on a large scale. The unemployment rate was rising unquestionably in big industrialized cities, in those areas where people were working in one particular industry.
The beginning of the Depression was caused by the empowering of government involvement in the economy of the country and in the life of society. Depression made people forget about the wealth, growth and prosperity of last decade and face new and economically unfair conditions of doing business and living circumstances.
It is obvious that the Great Depression influenced different countries in different ways, in a different time and rates of severity.
For example, they called the land which suffered from the most severe influence Hooverville.
What is the connection between the Great Depression and the Gold Standard?