Great Depression

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remained low and workers were unable to buy the goods they had helped to produce. The financial and banking systems were very unregulated and a number of banks had failed during the 1920s. The construction and automotive industries, whose booming business had been made possible by the prosperity earlier in the decade, slowed. Declining sales resulted in higher rates of unemployment.

America was witnessing a breakdown of the Democratic and free enterprise system as the US fell into the worst depression in history. The economic depression that beset the United States and other countries was unique in its severity and its consequences. At the depth of the depression, in 1933-1935, one American worker in every four was out of a job. It was a time when federal and state officials were still developing work programs for the unemployed. This great industrial slump continued throughout the 1930's, shaking the foundations of Western capitalism.

When the Depression began, there was ...

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