World War I was a major source of what happened in the world for most of the rest of the century (MCELVAINE). The war radically changed international finance. The United States, for the first time, went from being a net debtor country to becoming the world's largest creditor (MCELVAINE). In 1918, after World War I, many European countries had suffocating ("great") debt. Their debt got even worse because they owed money to the United States. For several years, the United States has attempted to recover its unpaid debts by imposing customs duties on European imports (“super”). The inability to recoup the loans was the very first silent warning of the decline of the American economy. Herbert Hoover, elected in 1929, gave the image of a flourishing American economy; it was only an illusion. American trade was smooth. Manufactured goods and raw materials were exported at an impressive rate. American technology was also becoming more and more advanced. The main causes of the Great Depression had less to do with the stock market crash and more to do with selfishness and buying stocks on margin. The weak system had put on a rather impressive and deceptive mask – this mask suddenly dissolved. The economy was quickly stifled by a depression, a depression that massacred the American dream. Europe's weakness has been an advantage for American companies, leading them to invest massively in Europe ("big"). The investments eventually led the international financial structure to depend almost entirely on American companies and banks (Mcelvaine). The prosperous years of the 1920s quickly ended due to the unequal distribution of income across the country. Wages have risen only slowly, leading to increased reliance on credit ("Excellent")...... middle of paper ...... prosecutions (suicide and domestic violence), unemployment, homelessness and collapse of the European economy. The Depression led to difficult living conditions for many Americans and foreign citizens. Works Cited BATCHELOR, BOB. “Psychological Impact of the Great Depression.” Encyclopedia of the Great Depression. Ed. Robert S. McElvaine. Flight. 2. New York: Macmillan Reference USA, 2004. 777-779. Student resources in context. Internet. May 7, 2014. “Great Depression.” UXL Encyclopedia of United States History. Sonia Benson, Daniel E. Brannen, Jr. and Rebecca Valentine. Flight. 3. Detroit: UXL, 2009. 651-656. Student resources in context. Internet. May 7, 2014.MCELVAINE, ROBERT S. “Causes of the Great Depression”. Encyclopedia of the Great Depression. Ed. Robert S. McElvaine. Flight. 1. New York: Macmillan Reference USA, 2004. 151-156. Student resources in context. Internet. May 7 2014.