Stock Market Crashes
Information concerning the stock market fills American daily newspapers and television reports. With so many Americans belonging to pension plans and other long-term investment programs, stock market shifts touch more people now than ever before. When the stock market is on the rise, everyone views it is a positive signal; investments are increasing in value and a bullish market must mean the economy is good. But what are the repercussions when the stock market goes sour? What happens to American society and culture when the stock market falters or even crashes? In order to evaluate the full social and cultural implications of market crashes, an understanding of the 1929 crash and subsequent Great Depression is necessary. For it was the 1929 crash that has left a permanent mark on American society. That crash led to important policy changes and basically defined the terminology and standards by which the United States would judge future market shifts.
The 1920s had been very good economic times for most Americans. By 1929, production and employment were high, wages were increasing, and prices were stable; there were more middle-class Americans than ever before. American capitalism was in a lively phase and business was good.
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