13 Facts About Great Depression

1. Great Depression was a severe worldwide economic depression between 1929 and 1939 that began after a major fall in stock prices in the United States.

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2. Two classic competing economic theories of the Great Depression are the Keynesian and the Monetarist explanation.

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3. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression.

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4. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression.

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5. Great Depression outlined nine factors interacting with one another under conditions of debt and deflation to create the mechanics of boom to bust.

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6. Two prominent theorists in the Austrian School on the Great Depression include Austrian economist Friedrich Hayek and American economist Murray Rothbard, who wrote America's Great Depression.

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7. Marxists generally argue that the Great Depression was the result of the inherent instability of the capitalist mode of production.

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8. In most countries of the world, recovery from the Great Depression began in 1933.

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9. Common view among economic historians is that the Great Depression ended with the advent of World War II.

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10. The Great Depression hit Iceland hard as the value of exports plummeted.

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11. Great Depression caused mass immigration to the Soviet Union, mostly from Finland and Germany.

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12. In Thailand, then known as the Kingdom of Siam, the Great Depression contributed to the end of the absolute monarchy of King Rama VII in the Siamese revolution of 1932.

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13. World Great Depression broke at a time when the United Kingdom had still not fully recovered from the effects of the First World War more than a decade earlier.

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