John Law: The Great Depression And The New Deal

“Money makes the world go round.” This adage is as true present day as it ever was. The ever-changing global economy is interdependent on technology, as it has evolved from inventions such as paper money and the modern assembly line and, when economies fail, the impact is worldwide. The stock market was an essential part of the American economy, and when it failed the effects lasted for many decades. John Law was born in Edinburg, Scotland on April 21, 1671, into a wealthy family. His father was a goldsmith and also a banker. His mother was a relative of the Duke of Argyll. Since his mother knew the Duke, an influential part of society, John was able to enter the best schools to study theoretical and economics. People listened to what Law …show more content…
The Depression was a time of great heartache for people because they had little money. On October 24, 1929, the Stock Market began to fall, leading to widespread panic. For on this day, the stocks were plummeting faster than anyone had ever seen. The worst of these days was October 29, 1929, which was the start of the Great Depression. The Great Depression was a difficult time for industrial companies. The output of products was cut in half during the 1930’s ("The Great Depression and the New Deal."). When the industrial companies fell, this put 15 million people out of work, which was one-fourth of the US labor force ("The Great Depression and the New Deal."). Wages dropped by 50 percent. Many banks had to close. The food supply was the lowest in the country since the Civil War. About 90,000 companies had to shut down, causing many people to lose their jobs ("The Great Depression and the New Deal."). Governments of the US and Great Britain focused on the economic problems and tried to come up with a solution. Also, they tried to help the unemployed and hungry. Both of …show more content…
Roosevelt was considered by many to be a great president. He led our country through tough and dangerous times. One of his achievements was called the "New Deal.” There were two periods of new deals. The first New Deal started in 1933 and ended in 1935. The second New Deal began in 1935 and went through 1939. The first New Deal period was to produce quick reassurance and the creation of new banks and jobs. The second New Deal focused on small farmers and labor. This period encompassed the making of the Works Progress Administration and Social Security. Roosevelt served twelve years, four terms, as president. He was strongly loved by many, but also many people did not like him (“Franklin D. Roosevelt”) . He played a significant role in the Great Depression and WWII. He was the mastermind behind the American welfare state and involved the government in personal protection. No matter the economic position whether positive or negative it effects the world. Law’s idea for paper money was rejected by many kings and rulers. Because of him, we now have a modern version of paper money. Ford made the automobile more affordable because of the assembly line and mass production. Ford also introduced higher wages for his workers so they could afford the Model-T his workers were making. The Stock Market was an essential part of the American life, and when it crashed, the effects were catastrophic. The advancements in technology have affected the ever-changing global economy,