The Great Depression is a compelling phenomenon that has been witnessed in the history of the human race. The fall of the prices, scarcity and loss of employment opportunities were some of the challenges experienced as a result of the depression. The economy of the US experienced the worst levels of deterioration, especially the financial institutions. The great depression and the world war had far-reaching implications for the stability and proper establishment of the US. Throughout the society, the deprivation was evident to the extent that families were pushed to the periphery and some condemned to a life of misery.
The photo essay is an evidence of the situation that ensued after the great depression. The stock market in New York collapsed, effectively commencing a period of financial deprivation in the global markets. Close to thirty billion US dollars vanished, never to be traced. Most of the listed companies fell in terms of their value. As a result, most individuals lost their jobs with companies permanently being disenfranchised. The people lost their savings as the banks closed down because of inadequate capital to service some of the mortgages and to meet the demands of the consumers. The police were mobilized to prevent violent groups from damaging property or looting premises in the streets as a result of depression. The few employment agencies that offered people jobs during the great depression received massive applications an indication of the devastating effect of the phenomenon.
Edwin Gay (1932) intimates that by the time the experience got to the US, most countries in Europe had already registered a decline in prosperity index. There were certain elements of hope during the great depression, but such propensities were misguided and were not a representation of the realities of the society. In 1931, the depression spread on a planetary scale effectively signifying the commencement of an era of suffering. Production, trade, unemployment and low prices were a characteristic of most societies. Even though the US had experienced depression before, the experience was different from the occurrence. For example, the previous ones occurred at a time when there were numerous parcels of land where people with no unemployment could be absorbed. However, during the great depression, such resources had been diminished and could not serve a majority of the population. Germany, England and Austria bore the brunt of collapsed financial systems. Some of the materials used in the economy as the capital were quickly erased.
Credit facilities could not be accessed, and that meant that those who were servicing their mortgages or loans forfeited their houses and other assets. Such tendencies were spread not just in the US, but also across some of the largest economies in the international system. The world war compelled governments in various states to put money into the hands of the people instead of directing them through banks. The notion was that some of the banks and financial institutions were responsible for the challenges being experienced.
The Great Depression extensively interfered with the economic structure of societies effectively condemning various societies into oblivion. The US and other nations across the globe suffered significant losses due to the shutdown experienced at the time. While some of the steps that were taken did not yield immediate results, it helped in dealing with some vices that threatened to escalate the issue. Putting money in the hands of the people was a step in the right direction towards solving the challenges of the Great Depression.
Gay, Edwin. F. “The Great Depression. Foreign Affairs.” Foreign Affairs. 1932. Web. July 27,