The Great Depression And Its Effect On Higher Education

The Great Depression was an economic downturn that occurred in the late 1920s and the early 1930s. It was begun by the stock market crash in October of 1929. The Great Depression did not just affect the United States of America, it also affects the world. At this time, Higher Education was in the University Transformation Era (Cohen Kisker, 2010). As the world was changing, so was Higher Education. The Great Depression had its own effect on Higher Education system, such as the institutions, students/faculty, and finances of most institutions. The Great Depression takes place in between the two World Wars. After World War I, the United States emerged as a prominent country on the world stage (Cohen Kisker, 2010). It was able to benefit from â€Å"exporting agricultural products, manufactured goods, and explosives to the belligerents† (Cohen Kisker, 2010, p.110). According to Granados, Roux and Portes, (2009) the 1920s started with a negative in economic growth and unemployment rate that was over 10%. The economy began to flourish during the middle part of the decade (Granados, et al., 2009). While there were signs that the economy was struggling in the summer of 1929, the onset of the Great Depression was during the stock market crash in October of that year (Granados, et al., 2009). According to Granados, et al., (2009) the unemployment rate rose substantially; â€Å"reaching it historical maximum of 22.9 % in the United States in 1932† (p.17290). The economy greatly affects theShow MoreRelatedThe Great De pression : A Worldwide Economic Downfall That Was Preceded By The Stock Market Crash Of 19291356 Words   |  6 PagesThe Great Depression was a worldwide economic downfall that was preceded by the Stock Market Crash of 1929. 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