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14 - American Studies 10 Lecture Education Amidst Economic...

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American Studies 10 Lecture 10/14/09 Education Amidst Economic Depression and World War: The New Deal and the G.I. Bill I. Lecture Overview II. The Impact of the Great Depression: A Statistical Snapshot A. Business cycles in U.S. economic history (or, locating the Great Depression within a broader economic historical context) Great Depression was an economic depression that started from a stock market crash Business cycle represents times of inflation and times of recession. Great Depression was precedent in that it was a period of economic contraction, but unprecedented in its scope B. What made the Great Depression “Great” (or, distinguishing the Great Depression from a broader economic historical context) – unemployment, GNP, per capita personal income, retail sales, investment Unemployment rate was 25% during the peak of the Great Depression Average rate was 17% throughout the Depression Decline in Gross National Product (GNP) between 1929 – 1933 was cut in half Took 1941 to pass what it was in 1929 Per capita personal income was also cut in half 1929 – 1933 Retail Sales went down by half as well during 1929 – 1933 C. The demographic consequences of the economic impact of the Great Depression – marriage rates, divorce rates, birth rates, suicide rates
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14 - American Studies 10 Lecture Education Amidst Economic...

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