The booming economy led in 1929 to a backlog of business inventories which was three times larger than the year before. As a result a recession began in August 1929, two months before the stock market crash. During this two month period, production declined at an annual rate of
20 percent. This decline resulted in the stock market crash which began October 24, followed by Black Tuesday on October 29. Losses for the month amounted to $16 billion, an astronomical sum in those days.
1932 and 1933 were the worst years of the Great Depression. Industrial stocks lost 80 percent of their value since 1930. 10,000 banks failed , or 40 percent of the 1929 total. GNP fell 31 percent since 1929 and over 13 million Americans lost their jobs between 1929 and 1932. In 1933 unemployment did rise to 24.9 percent.
The desperation of many people and especially veterans from WW I resulted in spectacular events, the most dramatic the so-called Bonus marches in 1932.
This question is incomplete because the options are missing; here is the complete question:
How did railroads spur economic growth and create new markets for products after the Civil War?
A. By linking the nation together
B. By reinvesting in other industries
C. By bringing immigrants west
D. By providing railroad land to settlers
The answer to this question is A. By linking the nation together
Explanation:
The creation of new railroads and the expansion of old railroads after the civil war was key in the economic growth and prosperity of the U.S. This is because the railroads connected or linked many territories that were previously isolated. This implied goods and raw materials could be easily transported, which increased production and trade. Moreover, there were new markets as territories connected integrated in trade. According to this, option A is correct.
D) Increased immigration in industrial areas.
By 1890, production by factories in American had grown eight times larger than what it had been before 1860. A large part of the workforce came from immigrants coming to the United States and settling in cities, looking for jobs. Ireland was one example of a country from which many immigrants came, looking for work in America, after the devastation of famine in Ireland (especially from potato crop failures).
1865, Jan.
United States House of Representatives passed the joint resolution proposing a thirteenth constitutional amendment abolishing slavery, which the Senate had passed in April 1864.
