Essay Cause Of The Great Depression

Each embraced a pair of episodes with lastingly transformative impacts.From 1776 to 1789 the Revolutionary War and the adoption of the Constitution brought national independence and established the basic political framework within which the nation would be governed ever after.To a much greater degree than in the earlier cases, the changes set in motion by the Great Depression and World War II had their origins outside the United States—a reminder of the increasing interdependency among nations that was such a salient feature of the twentieth century.

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A ramshackle, woefully under-regulated private banking system, a legacy of Andrew Jackson’s long-ago war on central banking, had managed to wobble its dysfunctional way into the modern era.

Some twenty-five thousand banks, most of them highly fragile "unitary" institutions with tiny service areas, little or no diversification of clients or assets, and microscopic capitalization, constituted the astonishingly vulnerable foundation of the national credit.

Washington also insisted that the Europeans repay the entirety of the loans extended to them by the US Treasury during the war.

And in 1924 the republic for the first time in its history imposed a strict limit on the number of immigrants who could annually enter the country.

The United States Senate refused to ratify the Treaty of Versailles and rejected membership in the nascent League of Nations.

Congress in 1922 effectively closed the American market to foreign vendors with the Fordney-Mc Cumber Tariff, among the highest in United States history, and the Smoot-Hawley Tariff eight years later.

The overwhelming majority of black Americans still dwelled in the eleven states of the old Confederacy, the poorest and most disadvantaged people in America’s poorest and most backward region.

And well before the Great Depression, almost as soon as the Great War concluded in 1918, a severe economic crisis had beset the farm-belt.

Virtually none enjoyed such common urban amenities as electricity and indoor plumbing.

Other maladies began to appear, faintly at first, but with mounting urgency as the Depression began to unfold.

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