What parallels are there today with the events of the Great Depression ? Approximately 200 words

Expert Solution

Today none of us believes that we will be hit by another great depression.The things are on rise since last 10 years and we hope they will continue to remain the same.
During the great depression Banks, insurance companies, and big corporations went under on a major scale. Institutions suffered the consequences of past mistakes, and there was no financial safety net to catch them as they fell.
Today, conditions are same but everyone relies on goverment that it will make things better by interfering.
Unemployment was on the rise during the great depression. If a person lost his job he would immediately have to find one so that his needs are fullfilled. Demand of labour was low and supply was high so wage rate decreased.
Today there are minimum wage laws and job insurance and people can live for few months without job by depending on welfare laws so recovery time if depression hits us now will be very high.
Welfare -There were very, very few people on welfare during the last depression.
Today
It's hard to say how those who are still working are going to support those who aren't in this depression. Even in the U.S., 50% of the country is already on some form of welfare. But food stamps, aid to families with dependent children, Social Security, and local programs are already collapsing in prosperous times.

Rahul Sunny answered 1 year ago

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