Essay: Economy during the great depression
Adoption of automobile and railway inAmericain the 1920’s influenced the economy to grow immensely. During this period of American industrialization, the advanced communication brought t about by the invention of and radio system clearly made the rural areas accessible. It is during this time thatAmericaenjoyed considerable economic development.
Despite experiencing relative economic growth during this period, in 1929, the stock market collapsed. Stockholders lost billions of dollars. The government had earlier on a fiscal policy that would slash the taxes from incomes and other sources (Bernstein, p. 45). The government intervention of passing the Hawley smooth policy was the accelerator to the pending economic problems. This would make the tariffs to go high diminishing the trade with other countries. Myriad of economists opposed the move. Despite these early warnings, the government was able to convince the citizenry that the economy would recover.
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