The 1929 stock market crash and the subsequent „great depression‟ was the biggest economiccrisis that the world has experienced. The depth and length of the crisis and the suffering thatit caused is legendary. Therefore when the global financial crisis struck in 2007, many rushedto proclaim that we were about to experience another depression on a similar scale, or at leastwhat some havetermed a „great recession‟.This essay will compare and contrast the twoeconomic crises to analyse the key similarities and differences between the two. To do this,the essay will firstly provide an outline of the conditions that led to the 1929 crash in theeconomy. Moving on from here the essay will then look at the policy responses that wereimplemented to tackle the crisis before analysing the conditions that precipitated the 2007financial crisis and the policy responses, to draw out the similarities and differences of eachof the crises, and to ascertain were any lessons learned during the current global crisis fromthe policies of the great depression era. Finally the essay will conclude with a discussion of the main points raised by the analysis of both crises and a look at the future prospects for recovery.Capitalism is a system of economic development that has crises as an inherent feature. Manycrises have occurred both before and after the 1929 stock market crash, however the lengthand depth of the great depression has made it the point of reference for judging the severity of a financial crisis. Much debate has occurred over the causes of the great depression. Whilemany see the late October 1929 New York stock market crash as the defining feature of thecrisis, the reality was much more complex and multifaceted. As (Teichova 1990, p.8)suggests, the great depression was “the deepest, all embracing (agricultural, industrial,financial, social and political) and longest crisis with catastrophic consequences”. As well asthis, although the United States led the way, this crisis was global and the rest of the worldalso experienced depression. So, any analysis of the great depression must look at the variousfactors that caused and perpetuated it.The 1920s in America have been described as the roaring twenties. After the devastation of the first-world-war, during the 1920 to 1925 period US and international economies wereexperiencing a boom. During that period, world mining and manufacturing output grew bynearly twenty percent (McNally 2010, p.63). However,
Like some internment camps involving several tribes, the Bosque Redondo had serious problems. About 400 Mescalero Apaches were placed there before the Navajos. The Mescaleros and the Navajo had a long tradition of raiding each other; the two tribes had many disputes during their encampment. Furthermore, the initial plan was for around 5,000 people, certainly not 10,000 men, women, and children. Water and firewood were major issues from the start; the water was brackish and the round grove of trees was quite small. Nature and humans both caused crop failures every year. The corn crop was infested with army worms and failed repeatedly. The Pecos River flooded and washed out the head gates the irrigation system. The Navajo began leaving and the remaining refused to plant a crop. The non-Indian settlers also suffered as they were also trying to feed their starving people on the Bosque Redondo. There was inept management of supplies purchased for the reservation and it cost the army as much as $1.5 million a year to feed the Indians.
All of the aforementioned were designed to help the Allied powers during World War II. Even though the US wanted to stay "neutral" when World War II broke out, they did want to benefit by maintaining economic relationships with these countries.
The Lend-Lease Act is a perfect example. This allowed the US government to lend weapons and other materials to nations like France, Great Britain, and China during World War II. If the goods weapons/materials were destroyed, it was on the country using them to replace it.
The Cash and Carry policy was another example of the US government helping the Allied powers. This policy stated that countries may buy materials from the US, as long as they pay in cash and provide transportation for the materials at their own risk.
Both of these show that even though the US was not technically in the war yet, they heavily favored the Allied powers.
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The First Punic War was fought between Carthage and Rome between 264 and 241 BCE, largely over control of Sicily. The longest continuous war in history up to that time was fought on the island, at sea, and in north Africa with both sides enjoying victories and suffering near-catastrophic defeats. I hope this helps!<em> </em>
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