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Essay / Research Paper Abstract
This 6 page paper argues that the cause of the Great depression was the actions of the Federal Reserve and their use of monetary policy before and during the depression. This argument is made with reference to the relevant economic theories as well as historical facts. The bibliography cites 6 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEgrtdep.rtf
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Unformatted sample text from the term paper:
be defined. In US history there are six main depression the great depression is that which took place between 1929 - 1941. There were peaks and through, relief occurred between
1933 - 1939, but the ending date is generally seen as 1941 with the entrance of the US into World War II.
Starting on the 24th of October 1929, the stock markets crashed and continues to fall dragging the economy with them, this was to be known as Black Thursday. Unemployment
spirals, property process fell, and images of stockbrokers committing suicide were well known. The aim of the Federal Reserve is to manage the economy. The scope of the reserve
changed in 1913 when further regulation and protection for the banks was needed and the Federal Reserve Board was formed. The great depression was the second recession that occurred following
the forming of the Board. The aim of the reserve was to be lender of the last resort and to give the banks some protection from the government following the
runs on the banks that had created panic in 1907 (Nordeen, 2002). The gold standard was a system where the different currencies
were linked not to each other, but to the price of gold. For example, at one point the gold price was set in dollars at $20.67 for one ounce, whereas
the United Kingdom set the rate at 77 shillings and 10 1/2 old pence. As these were the days before decimalization (Anonymous, 2001). This was not quite so straight forward
as there was an adjustment included in here due to the fact that the United Kingdom gold was purity with a 91.7 percent purity, whilst United States gold was only
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