Chapter 20

Chapter 20 talks about important historical events such as World War 1 and 2 as well as the great depression. WW1 was pretty much a civil was between Europe and is what resulted in the great depression. However, after WW1 the United States did become the superpower in the West. What I didn't know was exactly why the WW1 help spiral the United States into a Great Depression. During the war American produced more goods than it could sell, creating a huge deficit. Something I learned in-class was that another main cause was the crash of the housing market. I was baffled to learn that interest rates were so much that people that paid off their mortgage on time every month weren't actually making a dent in their mortgage, but instead just the interest rate. So people that thought they were paying off their mortgage, realistically never started paying it.