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1、 Economic crisisIn October 24, 1929, American black Thursday, crazy stock trend suddenly appeared in the New York stock exchange, trading a total of nearly 13000000 shares of stock, beyond more than 10 times of the normal daily trading volume. In financial speculation and bubble economy, the soared
2、stock price now moved so that it can not keep up with the speed of price quotes. With many people in bankruptcy with a mountain of debt, even 8 people killing themselves on the day because of Dutch act of debt, the financial panic started. However, this was the largest , the longest, and the worst s
3、tart of economic crisis in the history of capitalism. In the following four years, the capitalist world sank into the global crisis economically, socially and politically , has been a huge impact, precarious. On the Black Thursday, at 12 oclock noon, a number of Wall Street financial giants in the M
4、organ Foundation Office held an emergency meeting, deciding to raise money to save the market. Two days later, the situation temporarily stabilized. But on 28th, Monday, with the wind coming again, 9,250,000 stocks sprung out such as the flood and the financial giants finally were unable to resist w
5、ith wealth exhaustion, and they issued a statement at night: give up the rescue and panic is unstoppable to come. The next day, Tuesday, at 10 oclock in the morning, with the stock market opening and the Gong ringing, large amounts of stock was thrown out, even at any price, but not many people want
6、ed to buy with the chaotic scene. At the beginning of stock opening, 3000000 shares were thrown out, reaching more than 8000000 shares two hours later, and more than 12,000,000 stocks closed at one thirty. when shares reached 16,410,000 , the stock market finally collapsed and the stock market fell
7、by12.82%. Hundreds of billions of dollars instantly became nothing and economic crisis has opened a prelude. Later on, the stock continually plunged with stock index 100 points in 1926, 145 points in November 1929 , 102 points in December 1930, and falling to 54 points in December 1931. Until 1933,
8、the situation was extremely serious, even falling to 34 points in June, finally the index had lost 5/6. Nearly one hundred billion U.S. assets burst miraculously disappeared such as soap bubbles. From September in 1929 to January 1933, thirty kinds of stocks fell by 82.8%, from the average of $364.9
9、 to $62.7. In the meanwhile, 20 kinds of railway stock from an average of $180 per share to $28.1, decreasing by 84.4%.The crisis heavily hit the United States firstly, thousands of factories and banks collapsed. There were 26400 companies and 934 banks broken In 1930. In 1931, 28300 companies and 1
10、440 banks failed; In 1932, 31300 companies and 1453 banks failed; In 1933, 20300 companies and 1783 banks also failed. People rushed into banks in a panic to draw a large number of deposits, which caused a great loss of gold reserves as well as capital output sharply decreased nearly being stopped.
11、In early 1933, all banks in the United States were out of business basically . Finance was just the nerve center of modern economy, and its paralysis inevitably led to the entire national economic havoc and the economy in the United States almost collapses, which resulted in continuous decline in Am
12、ericas GDP. In 1929, GDP was $103.1 billion, $55.6 billion in 1933. During the past three years GDP has decreased by half. Ten years later, it went back to $99.6 billion in 1940. What is more , industrial production of USA in July 1932, has fallen to the bottom, contrast in May 1925, plummeted 55.6%
13、, steel fell by nearly 80%, fell by 87% in the machine tool manufacturing, auto industry has declined by 95%. With the economic crisis leading to a large number of unemployed people, peoples life became seriously poor and the unemployed in the United States had more than 400 in 1930 to 8 million peo
14、ple in 1931, breaking through the ten million mark in 1932. In 1933, the most serious unemployment went up to 17 million, which means nearly a third of the workers in the United States. From October 1930 to March 1931, there were 223000 people out of work among 690,000 workers and 5,000 households l
15、osing their homes within only 6 days just were unable to pay the mortgage. The unemployed fully in urban and rural, cold, hunger, and homeless, have been admitted to the Hoover cottage made of wood, sheet metal or paper boxes and so on. The humble dwelling were called Hoover cottage, because when Ho
16、over once was run for President of the United States, he had promised the workers that they could have the chicken to eat and cars to drive. Once in America, about 34,000,000 people had no income, accounting for 28% of the total population, and even a large number of schools went bust. In 1932, only New York, at one time, had more than 30 students out of school and millions of people relied on charity with fear and despair throughout the crisis. This
