Unemployment rates rose sharply from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The crash of 1929 brought about a sudden and severe increase in unemployment. People lost their jobs at an alarming rate as businesses closed their doors and the economy plummeted. The once bustling streets were now filled with idle workers, searching in vain for employment opportunities. The bleak reality of widespread joblessness became all too apparent as families struggled to make ends meet. The sharp rise in unemployment rates was a direct result of the economic downturn that followed the stock market crash. With businesses facing financial ruin and consumer spending grinding to a halt, there was simply no demand for labor. Workers were laid off in droves as companies scrambled to cut costs and stay afloat. The job market became saturated with unemployed individuals, creating fierce competition for the few remaining positions available. As unemployment continued to climb, the social fabric of American society began to unravel. Families were torn apart as breadwinners lost their livelihoods and struggled to pro...
Similar Posts
Businesses faced bankruptcy
The most devastating consequence of the stock market crash of 1929 was the wave of bankruptcies that swept through the business...
Technology has revolutionized financial services
Technology has transformed the financial services industry in recent years. With the advent of new technologies, such as artifi...
Workers face risks in financialized economies
In financialized economies, workers are increasingly exposed to various risks that can have detrimental effects on their financ...
Betrayal by political and business elites
Throughout the narrative, the reader is confronted with the harsh reality of how political and business elites exploit and mani...