22 Facts About Great Depression


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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The Great Depression was the longest, deepest, and most widespread depression of the 20th century and is regularly used as an example of an intense global economic depression.

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Economic historians usually consider the catalyst of the Great Depression to be the sudden devastating collapse of U S stock market prices, starting on October 24, 1929.

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Great Depression began in the United States and then spread around the world, the origins of the Great Depression are examined in the context of the United States economy.

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Bernanke saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Great Depression should be examined in an international perspective.

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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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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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Irving Fisher argued that the predominant factor leading to the Great Depression was a vicious circle of deflation and growing over-indebtedness.

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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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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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Unlike Rothbard, after 1970 Hayek believed that the Federal Reserve had further contributed to the problems of the Great Depression by permitting the money supply to shrink during the earliest years of the Great Depression.

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However, during the Great Depression Hayek had criticized both the Federal Reserve and the Bank of England for not taking a more contractionary stance.

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

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Great Depression severely hurt the export-based Belgian Congo economy because of the drop in international demand for raw materials and for agricultural products.

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

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Great Depression'storians have argued that the Great Depression slowed long-term industrial development.

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Great Depression had severe impacts across the Middle East and North Africa, including economic decline which led to social unrest.

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

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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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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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The Great Depression was a main factor in the implementation of social democracy and planned economies in European countries after World War II.

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Great Depression has been the subject of much writing, as authors have sought to evaluate an era that caused both financial and emotional trauma.

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