Who is responsible for the Great Depression Essay

Who is responsible for the Great Depression - Essay Example (Heinrichs, 2012) Whether this was unprecedented or not, it is undeniable that great depression affected the world. It never practiced discretion; it affected both individual and companies. This paper holds that there are a number of factors that were responsible for the recession that affected the globe. This paper refutes the notion that has been put by other economists that President Hebert Hoover was responsible for the economic recession and its impacts. The economic crisis of 1930 is attributed to a myriad of intertwined complex factors. One of the common factors that is that there was over speculation in the stock market that was not regulated by the responsible authorities. The American stock market fell in 1929 and is often regarded as one of the great reasons of depression. The crash was preceded with period when the people of America discovered the stock market. The crash resulted into a serious loss of the individual and companies investments. Investors were left shaken given that the stock market brought a lot of excitement that drove most people to put their money into the economy. People were completed shattered when the banks erased the savings by the people including those who had not injected in the stock market. Despite the fact that recession was unavoidable, better policies and regulations could have been applied to avoid the failure by the banks. (Canterbery, 2011) The fed in 1929 took what economists regard as unprecedented move by cutting the supply of money by almost a third. The reaction literally chokes off any possibility of recovery. A myriad of banks in the country therefore suffered the problem of liquidity. The reaction of failing to bail out banks was regarded as harsh and did not help in addressing recession in the country. The similar effect was faced by the market in 1907 when the panic of selling sent the

American Revolution. Events in American Revolution Essay

American Revolution. Events in American Revolution - Essay Example Born in every era they shape the history of the country. American Revolution was guided by many such people who led the revolution from the front and made it successful. However the events that trigger the revolution are merely momentous and act as a trigger. Reasons for revolution get accumulated over a period of time. The societal unrest reaches its peak. Any event that occurs after that triggers the change that has been so desired. The causes that led to American Revolution were many. As we look back we see them as many dots which could be connected now to make the event logical. Social Structure of American society at the time of Revolution - American society at the time of Revolution was divided into multiple classes at the time of revolution. While some of these classes participated in the revolution, there were also others who were dissociated from the revolution by virtue of their social status. There was nobility from England members of who were self-made land owners in Amer ica. They were resourceful and wealthy. Tradesmen, merchants and land owners looked at freedom of enterprise for expansion and growth. This was growing middle class and was an active participant in revolution. The lower strata comprised workmen, indentured prisoners and Indians. This lower stratum did not really care about revolution as they were unable to relate with the new found freedom and were not expecting the change in government to bring about change in their lives. World over rise of leadership for revolutions and rebellions has always been through middle class. American Revolution was no exception. Leaders from this class were enlightened by thoughts of leaders of French and European revolutions. They yearned to bring about same changes in American society as well. Rule of British Parliament - Parliament of Britain thought of America as a colony, one amongst many they ruled. Naturally they wanted to impose their rules and regulations over America. Although Britain had emer ged victorious in French and Indian War, her economy suffered badly. Wanting to recover a debt-ridden economy, Britain demanded more revenue from colonies. Even if French were defeated, the colonies did not trust Britain for their protection. Series of Acts - From 1763 to 1769 Britain passed series of legislation imposing new taxes on America as a colony with the primary motive of generating more revenue. Some significant acts passed were as follows: Sugar Act (1764) – increasing duties on sugar imported from West Indies Currency Act (1764) – banning American assemblies from issuing paper bills or bills of credit Quartering Act (1765) – colonists to feed and house British soldiers. Stamp Act (1765) – direct tax imposed on marriage licenses, playing cards, newspapers etc. the revenue generated from this tax was meant for colonies to pay for their defence. Townshend Acts (1767) - colonial officials were given independence to impose their own taxes apart fro m the ones that are already imposed by British parliament. This independence further incurred taxes on glass, tea, paper etc. These taxes created unhappiness and furore in American society and were viewed as unjust and uncalled for. These acts severely restricted freedom of enterprise shrunk the size of profits or revenue earned and along with that came additional burden of feeding and housing British army. This resentment kept boiling for more than seven years and finally erupted into a revolution. People in America viewed themselves as citizens of New World and they strongly demanded that they should have legislative authority to decide what is best for them. According to them these acts were merely for additional revenue generation without consideration of people on whom these acts were imposed.