1920's Social Changes

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The 1920’s was a decade of prosperity in the United States. The era, also known as the Roaring 20’s, looked as if it was going to be one of the best periods in American history. There were massive cultural changes throughout the United States; people acted more care free and were just looking for a good time. Furthermore, the economy was flourishing and the stock market reached an all time high. It was almost as if life in America was just one great party. However, life as Americans knew it changed dramatically on one day. October 29, 1929. Black Tuesday. On this day over 16 million shares of stock were sold and people throughout the country who invested in the stock market panicked, wiping out billions of dollars. The stock market and economy…show more content…
The Stock Market Crash of 1929 affected millions of people from a social standpoint. One of the biggest reasons for the dramatic social change was due to the fact that the Stock Market Crash accelerated and sparked the Great Depression. Most people in the United States didn’t have money, food, water, or shelter. Many families had to move from apartment to apartment at the end of the month in order to avoid monthly rent (Horowitz). The Depression got so bad that many families could no longer afford meat and had to become vegetarians (Horowitz). Life was very stressful for many families as a result of the Stock Market Crash. People had to worry about how they were going to get their next meal from or where they were going to sleep at night. Many people were forced to live in shantytowns, squalid areas consisting of many make do dwellings or shacks (Oxford Dictionary)(McGill). Furthermore, people’s morales were crushed by the Stock Market Crash. People lost hope. In a single year of the Depression, 23,000 people committed suicide, the highest number ever recorded in the United States up to that point in history. There was a thirty percent increase in the suicide…show more content…
There was extreme poverty and unemployment as a result of the Stock Market Crash. Unemployment was at its peak of over 14,000,000 people looking for jobs or out of work during the Great Depression (Werstein Introduction). The average income of American families dropped over forty percent. There was also an enormous difference in wealth. The richest one percent of people owned over one-third of American assets. Another great economic effect of the Stock Market Crash of 1929, was the mass bank closures (Werstein Introduction). During the 1920’s many banks invested their clients savings in the stock market since it was doing so well. When the stock market crashed, banks lost large portions of their clients savings (Werstein Introduction). Banks that remained open were inundated with requests from people to withdraw their money. The banks were unable to handle this and many more banks were forced to close (Werstein). Throughout the 1930s well over 9,000 banks closed. The economic effects of the Stock Market Crash were monumental. Ultimately the Stock Market Crash thrusted the United States into an era of extreme poverty throughout the country and even the

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