Lessons to be learnt from The Great Depression

Topics: Great Depression, Franklin D. Roosevelt, United States Pages: 2 (797 words) Published: March 28, 2014
The Great Depression ushered an era of economic hardship the likes of which was unparalleled by the rescission of 2008. The economic crisis was also followed by a rise of social injustices such as racial segregation and rise of groups such as the KKK; only worsening the situation, especially for African Americans. Though the UK of 2008 did not experience an abundance of bread lines, shanty towns or mass migration similarities are still clear, both crises shared the catalysts of a crash in the banking sectors and an uneven spread of wealth. Also, in both situations a time of prosperity was followed by an immediate and unexpected decline. It is true that the scale of the problem was not shared, but the similarities mean that there are crucial lessons which could have been learnt and which I believe are being ignored. To being, the welfare provided by the UK was arguably one of the most important barriers we had against the British people feeling the same hardships of the 1930s America. Also, Roosevelt, who was the president at the time and is to this day praised for his handling of the depression, offered America a radical solution (The New Deal), which offered welfare and supported those most in need and worst hit by the recession. Despite such a policy requiring an excess of fiscal spending, the help that such initiatives brought to the people not only help the weather the storm but also allowed people to function effectively within a recovering economy. Despite the proven relief that the welfare brings to a recovering economy and people that function within it, its existence is being challenged during the recovery stage of the 2008 recession by cuts which are increasing the suffering of an already troubled population. The New Deal consisted of three main aims: Relief, Recovery and Reform. The relief effort aimed to assist in the removal of poverty, provide food for the starving and intervene to stop people from losing their homes. The Recovery effort...
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