THE GREAT DEPRESSION 1929 1940
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Black Tuesday
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Speculation
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Unequal distribution of wealth
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Buying on Credit
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Detailed explanation-1: -In a simple explanation: The Rich operates in Abundance mode, while the Poor operates in scarcity mode. Abundance – You give more because you are already in a better position, which in return attracts more returns. And the Rich habit effect is passed on.
Detailed explanation-2: -Among the suggested causes of the Great Depression are: the stock market crash of 1929; the collapse of world trade due to the Smoot-Hawley Tariff; government policies; bank failures and panics; and the collapse of the money supply.
Detailed explanation-3: -The folk saying, “the rich get richer, the poor get poorer”, implies that wealth flows from poorer to richer hands, a concentrating diffusion. Its academic statement is the Surplus Theory of Social Stratification.
Detailed explanation-4: -While many of the richest people in America lost money when the stock market crashed, the upper classes as a whole still retained much of the wealth which they had held before the Depression and in most cases did not suffer from unemployment.