List five reasons why the 1929 Economic Crisis is taking too long in the USA

Expert Solution

It shall be noted that US was severely hit during the 1929 economic crisis.

1) The stock market crash of October 1929 signaled the beginning of the Great Depression. By 1933, unemployment was at 25 percent and more than 5,000 banks had gone out of business.

2) A weak banking system, further collapse in already-low farm prices, and industrial overproduction each contributed to the economic downturn.

3) The disastrous 1930 Hawley-Smoot Tariff (which raised average tariff rates to nearly 60 percent) caused America’s international trading partners to retaliate by raising rates on US-made goods. The result was shrinking international trade and a further decline in global economies.

4) By 1930 there were 4.3 million unemployed; by 1931, 8 million; and in 1932 the number had risen to 12 million. By early 1933, almost 13 million were out of work and the unemployment rate stood at an astonishing 25 percent. Those who managed to retain their jobs often took pay cuts of a third or more.

5) More than a third of the nation’s banks failed in the three years following 1929

Hence, the 1929 Economic Crisis took too long in the USA.

Rahul Sunny answered 8 months ago

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