Myth or Fact: Great Depression

Was the Great Depression caused by the failure of the free market? Was it resolved by the government stepping in and creating new programs? It is a myth that these things happened. The Great Depression was not caused by the free market failing and the government stepping in did not completely resolve the whole thing. The Great Depression was caused by many different things. One things people believe that caused it was the Stock Market Crash of 1929 on Black Thursday. Also another is the banks started to fail. The banks were uninsured so people lost all their savings. A lot of people had nothing. A big one is that people stopped spending. The economy basically stopped because everyone stopped spending their money on things. The big cause of the depression was probably the fear people had of losing everything they had and not having enough food. What resolved the Great Depression was America joining World War II. With the war spending began to happen. America was spending money on equipment needed in the war. With so much spending going on the economy started again. people were provided more jobs. Money was circulating through the economy. This is what ended the Great Depression. Even though people may believe that the free market is what caused the economy to fail and that government intervention is what stopped the Great Depression, it is a myth. There were many different reasons that it happened. Even though government did try to save the economy by intervening it was really the war that brought the Great Depression to an end.

Charter City

"The free market economy is supposed to be the only path leading to the happiness of humanity by promoting wealth and prosperity, power and influence of nations." -Omar Bongo If I were to create my own country I would want to have a free market economy were everyone can make and buy what they please. I believe that a free market economy is what makes countries rich and independent. According to the Greed video competition between businesses helps business to grow and become stronger. I would allow competition to take place so companies could grow and expand. Companies would work together. Just as it says in I, Pencil not one man knows how to do everything. I would have all the companies work together to create things. For example to make a pencil I would have people who cut down trees, people who deliver the trees, and the list continues. "1.We believe that a governments were instituted of God for the benefit of man; and that he holds men accountable for their acts in relation to them, both in making laws and administering them, for the good and safety of society. 2.We believe that no government can exist in peace, except such laws are framed and held inviolate as will secure to each individual the free exercise of conscience, the right and control of property, and the protection of life.   (D&C 134)" According to what that said the last thing I would do is let the citizens have their own property rights. Without property rights men can not create their own businesses and build up the economy. In conclusion if I were to have my own city I would do it the way America did. America is one of the biggest wealthiest countries. I would use I would have a free market economy, allow competition between businesses, have companies working together, and allow people to have property rights.