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Great Depression and Current Crisis

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American history from 1877: How the Great Depression compare to The Current Economic Recession affecting the US

American history from 1877: How the Great Depression compare to The Current Economic Recession affecting the US.
Introduction
In 1929s, a global depression hit countries with market economies. Despite the fact that the Great Depression was moderately gentle in some nations, it had very severe effects on others, especially the America. In the United States, the great depression went down in history as one of the worst economic crisis, which left a deep-seated situation, leading to joblessness, starvation and homelessness for over a decade in the US. The Great Depression in America also led a great global depression, as typically each industrialized economy including Germany, Italy, Japan, Britain, France, and others, was completely destructed. Various economists and the media have often linked the current economic crisis that heightened in 2008 to the great depression which occurred decades ago. Looking at the implications of the great depression and what is happening today, clearly there are several direct similarities between the two economic crises. Through a brief analysis of the two economic scenarios, this paper hence aims to show how they are related.
What are the similarities with the current financial crisis? Some of the similarities between today’s economic situation and the Great Depression of 1920s include:
High rates of unemployment- Economic forces are the main causes of unemployment in most countries today. Deteriorating economic conditions such as recession and depression affects the business, thus forcing them to reduce the size their workforce(Helbling, 2015)..The great depression saw a quarter of the United States population lose their jobs, particularly in 1933. The current economic situation which begun in 2008, have led to…...

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