Causes of the Great Depression
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Date
2007
Authors
Journal Title
Journal ISSN
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Publisher
Suleyman Demirel University
Abstract
This paper investigates the major causes that led to the Great Depression of 1929, one of the most devastating economic crises in world history. The study identifies a series of interconnected factors that contributed to the collapse of the U.S. economy and its global repercussions. Among them were the inefficiency of the banking system, misuse of credit, speculative behavior in the stock market, and the concentration of wealth among oligarchic elites. The research also highlights the negative impact of government policies, such as the Smoot-Hawley Tariff Act and the rigid adherence to the Gold Standard, which intensified the crisis by reducing trade and money supply. The resulting chain of defaults, deflation, unemployment, and bank failures turned a stock market crash into a full-scale depression. In conclusion, the paper suggests that timely government intervention, regulation of credit, control of speculation, and prevention of monopolies could help avoid similar economic disasters in the future.
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Keywords
stock market crash, deflation, unemployment, bank failures, economic crisis, government regulation
Citation
Balgabekov Yeldos, Shamyrkanov Bakyt / Causes of the Great Depression / Articles and proceedings of the scientific conference among university students " Development and future of the science in Kazakhstan in the opinion of youth" , ISBN: 9965-792-25-9 , Suleyman Demirel University / 154 -157 pages.