Causes
One of the primary proximate causes of the Great Depression was the stock market crash of 1929, but even the market crash was the culmination of years of speculative banking and investments leading to the economic downturn. For example, also during this time, American banks—as well as some foreign ones—actually capitulated, causing many people to lose their savings and many businesses to lose their access to financing as well. Responding to initial fears of a financial crisis, several policy initiatives exacerbated the situation. For example, when banks reduced or curtained entirely the number and value… Continue Reading...
effects. The main reason why historians disagree on critical issues like the causes of the American Civil War or the causes of the Great Depression is that there is no one cause or even one simple set of causes. It depends on point of view, theoretical viewpoint, and a host of issues related to the intersection between different causes. Historical knowledge also evolves as new facts emerge and new theories come to light. For example, Tyrrell argues that the United States was more connected to the global economy during the Antebellum years than historians have typically given the country credit for, and that these international commercial activities are linked to… Continue Reading...
