This preview shows page 1. Sign up to view the full content.
Unformatted text preview: musicians – Duke Ellington, King Oliver, Louis Armstrong – first made jazz a staple of American culture in the 1920’s. THE GREAT DEPRESSION In October 1929 the booming stock market crashed, wiping out many investors. The collapse did not in itself cause the Great Depression, although it reflected excessively easy credit policies that had allowed the market to get out of hand. It also aggravated fragile economies in Europe that had relied heavily on American loans. Over the next three years, an initial American recession became part of a worldwide depression. Business houses closed their doors, factories shut down, banks failed with the loss of depositors’ savings. Farm income fell some 50 percent. By November 1932, approximately one of every five American workers was unemployed....
View Full Document
This note was uploaded on 12/22/2011 for the course AMH AMH2010 taught by Professor Pietrzak during the Fall '10 term at Broward College.
- Fall '10