| | Why it was called "The Great Depression"
It is common for us to interchange "The Depression" with "The Great Depression", as if it were the only one, when we discuss the economic backlash of 1929 through 1939.
In its time, however, it was called "The GREAT Depression" for a very good reason - there had been many depressions before. The Industrial Age brought with it not just interchangeable factory parts but an economic co-dependency that was completely new. In biblical times, when famine hit a community, it was possible to travel by camel to where there was food. As we see now, a stockbroker sneezing in New York brings down the factories of Yonezawa.
So, why was the "Great Depression" "Great" rather than another blip on the economic scene?
Because, you see, the US Federal Government tried to FIX IT that time!
Great job, Uncle Sam. We'll let you handle this one, too!
Save me a place in the bread line!
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| | Posted 3/13/2009 6:16 PM - 7 Views - 0 eProps - 0 comments
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