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Essay / Research Paper Abstract
A 6 page research paper that contains 2 smaller essays, of 3 pages each. The first essay concerns the causes of the Panic of 1929 and the Great Depression and the second essay addresses the financial system established by Alexander Hamilton for the young United States. Bibliography lists 4 sources.
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6 pages (~225 words per page)
File: D0_kh2fiess.rtf
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and traditional institutions (Bauman and Coode 5). Basically, the Great Depression occurred because of the "vulnerability of a structure of business that had become interlocked on al previously unknown scale"
(Helbroner 160). It was rather like a house of cards--remove an essential, supporting card and the whole structure came tumbling down. The essential card that initiated the Great Depression was
the Panic of 1929 and the subsequent stock market crash. In the 1920, the American economy was booming. Everyone, cab drivers, janitors and nurses as well as the rich,
were investing their money in stocks. Banks and lenders encouraged people to use $500 to buy $1000 worth of stock, with the bank providing the rest of the money on
loan (Helbroner 139). The subsequent growth of the market was phenomenal, but it was paper growth, not actual. To this day, it is not known what rumor or event caused
the stock market to collapse on October 24, 1929 (Helbroner 141). However, the precise rumor that caused people to panic and begin selling their stock is unimportant because this reaction
was inevitable. It had to happen at some point. A stock is only worth what someone will pay to buy it and stock market prices plummeted on October 24. The
effect was worse due to the number of people who had bought their stock with borrowed money and were forced to liquidate capital to pay off these loans. Additionally,
the "get-rich-quick" philosophy of the 1920s was not limited to the general public as businesses also participated in this national mania (Helbroner 149). The ill-fated business practices of the 1920s
resulted in pyramid-like structures for corporate ownership in which various companies held stock in others. These pyramids were profitable as long as the foundational corporations stood firm. However, if one
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