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Key basic industries, such as railroads, textiles, and steel had barely made a profit. INDUSTRIES IN TROUBLE The superficial prosperity of the late 1920s shrouded weaknesses that would signal the onset of the Great Depression. Answer The older industries such as textiles, steel, and railroads, which were basic to the fundamental well-being of the economy, were barely profitable. Identifying Problems A What industrial weakness signaled a declining economy in the 1920s?Ī.
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Gordon Parks, shown here in 1968 discussing the movie version of his autobiographical novel, The Learning Tree. A piercing chill was in the air as I walked back to the rooming house.” I went to school and cleaned out my locker, knowing it was impossible to stay on. Again it was, ‘We’re firing, not hiring.’. All that next week I searched for any kind of work that would prevent my leaving school. As the decade drew to a close, these slippages in the economy signaled the end of an era. Both consumers and farmers were steadily going deeper into debt. Important industries struggled, and farmers grew more crops and raised more livestock than they could sell at a profit. Though some Americans became wealthy, many more could not earn a decent living. Hard times had begun.Įconomic Troubles on the Horizon As the 1920s advanced, serious problems threatened economic prosperity. The high-flying prosperity of the 1920s was over. The crash of 1929, and the depression that followed, dealt a crushing blow to the hopes and dreams of millions of Americans. In his autobiography, Parks recalled his feelings at the time.Ī PERSONAL VOICE GORDON PARKS “ I couldn’t imagine such financial disaster touching my small world Then came the stock market crash of October 1929. Parks, too, looked forward to a bright future. He supported himself as a busboy at the exclusive Minnesota Club, where prosperous club members spoke confidently about the economy. One American's Story Gordon Parks, now a well-known photographer, author, and filmmaker, was a 16-year-old high school student in the fall of 1929.
WHY IT MATTERS NOW The Great Depression has had lasting effects on how Americans view themselves and their government. The Nation’s Sick Economy MAIN IDEA As the prosperity of the 1920s ended, severe economic problems gripped the nation.