The Great Depression

“The Great Depression had important consequences in the political sphere. In the United States, economic distress led to the election of the Democrat Franklin D. Roosevelt to the presidency in late 1932. Roosevelt introduced a number of major changes in the structure of the American economy, using increased government regulation and massive public-works projects to promote a recovery. But despite this active intervention, mass unemployment and economic stagnation continued, though on a somewhat reduced scale, with about 15 percent of the work force still unemployed in 1939 at the outbreak of World War II. After that, unemployment dropped rapidly as American factories were flooded with orders from overseas for armaments and munitions.”

I chose this passage because it addresses two issues related to class. One it touches on something mentioned in the lecture, how we are in a similar situation today as we were during the great depression. Just like the depression led to electing a leader who they knew would bring change, many say Obama was elected because he was the furthest thing from George W. Bush. Also, when Obama was elected, the question was again raised about how involved government should be in regulating business. This last crash was in large part due to a lack of regulations over finance companies, banks and investment companies, just like the first crash which led to the Great Depression. One big difference between our time and the time of Roosevelt is that back then, war seemed to help us get out of the depression. This time many people blamed the crash in part on the fact that we spent so much money on a war that so many people disagreed with. I think one reason World War II helped to pull us out of the depression is because it was so obvious that fighting a man trying to take over the world was necessary. Everyone came together and played a role and our economy improved as a result. This time around this country is so divided on whether or not involvement in the Middle East is necessary or even ethical. Now so much time and energy is wasted on arguing that nothing is getting done. A lot more would be accomplished if this country had the same common goal like we had 70 years ago.