THE IMPACT OF THE GREAT DEPRESSIONNameInstitution AffiliationCourseDate of SubmissionThe Impact of the Great DepressionThe “Great Depression” was a period in history when businesses were greatly affected and many people were out of work. The Great depression began on October 29, 1929, when the United States stock market crashed. What followed next was an economic slump that threw the whole world into a spin, owing to the fact that there was a close relationship that existed between the United States and Europe since the First World War. At the end of it there were 12 million people who had become jobless, with 12,000 being made jobless at the end of every day, 20,000 companies had gone bankrupt, 1600 banks had gone bankrupt, and sadly, there were 23,000 people who committed suicide, the highest ever number (Romer, 1990). This paper is going to discuss the impacts that the Great Depression had on the financial sector, the labor market and the family fabric in the United States. The Great Depression was a major economic phenomenon that has serious and widespread economic effects; and it only ended with the entry of the War Economy that characterized the Second World War (Romer, 1990).Financial SectorThe Great Depression was characterized by banking panics and monetary contraction when the four waves of banking panics assailed the U.S. Banking panic occurs when depositors lose confidence in the so...