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'the Usa Was Hit by the Great Depression in 1929 Because of Increasing Restrictions on International Trade.' How Far Do You Agree with This Opinion? Use Sources 7, 8 and 9 and Your Own Knowledge.

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'The USA was hit by the Great Depression in 1929 because of increasing restrictions on international trade.' How far do you agree with this opinion? Use Sources 7, 8 and 9 and your own knowledge.

The USA was hit by the Great Depression in 1929 because of increasing restrictions on international trade to a small extent, as it was indeed a significant factor in creating the onset of the Great Depression, as it acted as one of the long-term problems with the US economic system. Source 7 supports this argument, and suggests that it made world trade more difficult as it led to the USA not being able to 'expand its foreign markets as rapidly as its production'. However, other factors could also be considered to have started the Great Depression more significantly, with source 8 suggesting that it was due to long-term problems in the economy associated with a lack of purchasing power and the effects of the Wall Street Crash, along with source 9 demonstrating that it was due to the laissez-faire policies pursued by the Coolidge administration.

The USA was arguably hit by the Great Depression in 1929 because of the combination of under consumption and overproduction linked to the maldistribution of wealth in US society during the 1920s. The problem with under consumption was mainly due to the fact that a substantial segment of the population that was farmers and workers in declining industries had not shared in the general prosperity of the early 1920s. In 1929, American farmers annual income averaged at $273, whilst the national average was $750, demonstrating the significant lack of purchasing power they had. This was a problem before the onset of the Great Depression as farmers debts were also increasing significantly due to new machinery, going from $3.4 billion in 1910 to $8.4 billion in 1920, with the value of farmland also dropping 30% from 1920 to 1928,…...

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