The first economic issue that I am going to talk about is the 1929 stock Market crash which then leads into the Great Depression. The world was in crisis when the stock market crashed in October, 1929 in New York on Wall Street. The stock market was one of the largest institutions in America. “While business tycoons were getting richer, the workers in their factories were poorly paid, the farmers were not receiving fair prices for their crops and therefore masses of people didn’t have enough money to buy what the factories were producing. Soon the factories came to a standstill and the workers were laid off their jobs. That was when panic hit Wall Street.” This is when investors rushed to sell shares which held in failing companies, and people rushed to the bank to withdraw their savings. While this happened, many companies were closing over night and banks were closing slowly but shortly. The effects of the Wall Street Crash caused a worldwide fall in commerce that would be remembered throughout History. Recently, the Stock Market fell in 2008 and caused a recession. Many countries are still recovering from the down fall of the stocks.
The second economic distress that the people were concerned about was unemployment. This came about when the Stock Market Crashed. This happened because Jobs were shut down; they had no wages coming into the household, so they had to line for the social services. “The factories which imported crops and raw materials from Africa, Asia, South America and the Caribbean could not afford to pay profitable prices and this was how the Depression affected West Indian sugar estates”. – A Cry from the Workplace.
“In his testimony, Clifford Holbert a stone mason who was protecting a shop that he owned with his father relays the incident that took place at about 10 am on June 2. I was sitting on the counter and the leader who is called Johnson held his hand up and made a sign to the man. Johnson had a carpenter’s hammer in his hand. He...
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