Which US economic sector was hit hardest by the Great Depression? | TutorChase (2024)

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Which US economic sector was hit hardest by the Great Depression? | TutorChase? ›

The US economic sector hit hardest by the Great Depression was the banking and finance sector. The Great Depression, which began in 1929 and lasted until the late 1930s, was a severe worldwide economic depression that had devastating effects on many sectors of the US economy.

In dollar terms, American exports declined over the next four years from about $5.2 billion in 1929 to $1.7 billion in 1933; so, not only did the physical volume of exports fall, but also the prices fell by about 1⁄3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber.

When drought began in the early 1930s, it worsened these poor economic conditions. The depression and drought hit farmers on the Great Plains the hardest. Many of these farmers were forced to seek government assistance.

Solution:The Great Depression began around 1929 and lasted till the mid-1930s. During this period: There were steep declines in production, employment, incomes and trade. Agricultural regions and communities were worst affected due to the fall of agricultural prices and ruin of urban centres.

The problems of the Great Depression affected virtually every group of Americans. No group was harder hit than African Americans, however. By 1932, approximately half of African Americans were out of work.

However, the banking and finance sector was hit particularly hard. The stock market crash of 1929, which marked the beginning of the Great Depression, led to a banking crisis as panicked investors withdrew their money, causing many banks to fail. The banking and finance sector was at the heart of the economic collapse.

A major problem was taxes, which had to be paid in cash. Families that could not pay taxes sometimes lost their homes and farms. The state and governments slashed costs wherever they could. Schools cut teachers' salaries.

The Great Depression hit the South, including Georgia, harder than some other regions of the country, and in fact only worsened an economic downturn that had begun in the state a decade earlier. U.S. president Franklin D.

The farmers were the hardest hit during the depression and that is because they grew to much.

The country's most vulnerable populations, such as children, the elderly, and those subject to discrimination, like African Americans, were the hardest hit. Most white Americans felt entitled to what few jobs were available, leaving African Americans unable to find work, even in the jobs once considered their domain.

What industry was not affected by the Great Depression? ›

Answer and Explanation: Despite the widespread impact of the Great Depression in America, two industries did not suffer. These industries included entertainment and alcohol.

Throughout the industrial world, cities were devastated during the Great Depression, beginning in 1929 and lasting through most of the 1930s. Worst hit were port cities (as world trade fell) and cities that depended on heavy industry, such as the steel and automotive industries.

The states near the Great Lakes area such as Michigan, Ohio, Pennsylvania, Indiana, and Illinois where the manufacturing industry was because of workers losing their jobs and the overproduction of goods and the states in the Great Plains were hit pretty hard to especially Oklahoma and Kansas.

Particularly hardest hit by economic problems were the industrial and mining areas in the north of England, Scotland, Northern Ireland and Wales.

The timing and severity of the Great Depression varied substantially across countries. The Depression was particularly long and severe in the United States and Europe; it was milder in Japan and much of Latin America.

Expert-Verified Answer. Construction industry was hardest hit by the recession. Explanation: Recession refers to significant decline in economic activities that occur for few months.

The poor were hit the hardest. By 1932, Harlem had an unemployment rate of 50 percent and property owned or managed by blacks fell from 30 percent to 5 percent in 1935. Farmers in the Midwest were doubly hit by economic downturns and the Dust Bowl. The urban low wage workers were hit the hardest.

Hardest hit were immigrants and black Americans. Working hours remained high. Many people were in debt. 60 per cent of cars and 80 per cent of radios were bought on credit.

The failure of the banking system is another main cause of the Great Depression. After the stock market crashed, people panicked and rushed to withdraw their funds from the banks.